Suppose that the market for lima beans is in equilibrium. Then, both the supply and demand curves for lima beans shift to the left. As a result, the equilibrium price. and the equilibrium quantity will (a) will fall; rise (b) cannot be determined; fall (c) will fall; fall (d) cannot be determined; rise

The supply and demand curves for a product are given by p=S(q)= 300+ 40q, p=D(q)= 1000-50 q, where p is the price and q is the quantity of the product. The equilibrium price p* and the equilibrium quantity q* are

Suppose that today the market for homes is in equilibrium. Tomorrow both the supply and demand curves for homes will shift to the right. As a result, the equilibrium price ........... and the equilibrium quantity ............. a will fall; will fall b will fall; will rise c cannot be determined; will rise d cannot be determine; will fall

Find the market equilibrium point for the following demand and supply functions.   Demand: 2p= -q+45 Supply: 3p-q=20

If both supply and demand decrease, the equilibrium price A) does not change. B) cannot be predicted. C) rises. D) falls.

A decrease in both the equilibrium price and the equilibrium quantity of pasta is best explained by an: increase in the expected future price of pasta. increase in the cost of producing pasta. decrease in income if pasta is an inferior good. decrease in the price of rice if pasta and rice are substitutes.

An increase in technology with a simultaneous decrease in the number of buyers will cause the equilibrium price to fall and equilibrium quantity to be indeterminate. True False

If, at the current price, there is a surplus of a good, then: A) the quantity demanded is greater than the quantity supplied. B) the market must be in equilibrium C) the price is above the equilibrium price D) Both A and C.

Market in equilibrium: consider a market for electric vehicles (EVS), where the equilibrium price (P*) is $30,000 per vehicle, and the equilibrium quantity (Q*) is 10,000 vehicles per year. draw the initial supply and demand graph. P qor Q Events: Due to advancements in battery technology, the cost of producing EVs decreases significantly. Additionally, governments around the world introduce stricter regulations on emissions from gasoline-powered vehicles, leading to an increased demand for EVs. Explain how both the supply and demand curves would be affected. Draw the new supply and demand curves on your graph (in red) and predict the changes in equilibrium price and quantity. Demand: Supply: +

QUESTION 15 Consider a market where supply and demand are given by Qx = -10 + Px and Qxd=56-2 Px. What is the equilibrium price?