Refer to the figure below. If the government sets a price ceiling at $20, there would be a(n): 90 80 70 60 50 40 30 20 10 S₁ X D₁ 4 8 12 16 20 24 28 32 36 O excess supply of 22 units. O Shortage of 10 units. excess shortage of 26 units. O shortage of 20 units.

Refer to the graph shown. Demand is unit elastic when revenue is: Revenue in thousands of dollars 99876SMO 10 A B 246 Multiple Choice $8,000 $10,000. D E 10 8 Quantity F G 12 14 16 Refer to the graph shown. Demand is unit elastic when revenue is: Revenue in 2 4 6 Multiple Choice $8,000 $10,000 D 8 10 Quantity G S 12 14 16 Ć

If the current price of a product is above the market equilibrium price, there is OA. excess demand, or a surplus B. excess supply, or a surplus OC. excess supply, or a shortage O excess demand, or a shortage of this product.

If the cross elasticity of demand is -2: O a. The products are substitutes O b. The products are complements O c. The good is normal O d. The good is inferior

Price of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.

A decrease in demand effects Market Equilibrium in the following way. Select one: O a. Decrease in quantity supplied and decrease in equilibrium price O b. No change to equilibrium c. Decrease in demand and increase in price Od. Increase in quantity demand and equilibrium price

When the demand curve increases more than the supply curve increases: O Price increases, quantity decreases. O Price decreases, quantity decreases. Price increases, quantity increases. O Price decreases, quantity increases.

Refer to Figure 2 below to answer this question. A shift in the demand curve for product X from DI to D2 might be caused by the following factor; S2 Q, Q2 Q3 Quantity of X O a. The prices of substitute good is more expensive O b. The prices of complementary good is more expensive O c. An increase in the price of product X Od. The level income of consumers Price of X

A

Here, with the demand increase there is a of units in the short term, after which the market approaches a new equilibrium with price and quantity Price 12 10 E1 9 E2 14 15 D1 S D2 Go Cart Races