The graph shows the supply and demand curves for a certain product, which has a current selling price of $300. The laws of supply and demand most support which conclusion about the product? Demand $500 Supply $400 $300 $200 $100 1,000 2,000 3,000 4,000 5,000 Quantity O A. The current selling price matches the product's equilibrium price. O B. The current selling price for the product is the result of a surplus. O C. The current selling price for the product is too high. O D. The current selling price for the product is too low. Price

Suppose that improved technology lowers the cost of manufacturing skis. What effect would this have in the market for skis?

Suppose that the price of product A increases from $10 to $19. As a result, quantity demanded for product B changes from 300 to 265. What can we say about products A and B? Explain?

Consider the supplier of a product that is an inferior good. For instance, an aluminum supplier for a canned goods producer. During a recession during which average incomes fall, which of the following best describes what would happen to the profit-maximizing price of the supplier? a. The supplier’s profit-maximizing price would decrease due to an increase in demand. b. The supplier’s profit-maximizing price would increase due to an increase in demand. c. The supplier’s profit-maximizing price would decrease due to a reduction in demand. d. The supplier’s profit-maximizing price would increase due to a reduction in demand.

Which of the following is one of the factors determining if demand for a good is price elastic or price inelastic? Select one: a. The cost of the resources used in producing the good. b. The relative share of the budget spent on the good. c. Whether the good is a substitute or a complement. d. Whether the good is imported or exported.

In the graph, a decrease in the price of the item will cause the movement from (select all that apply): Price Old supply New supply H K Quantity point M to point G point G to point L point M to point K point J to point M point L to point K point H to point G

Why do demand curves slope down (i.e., sales volume usually rises at lower prices)?

The following table gives the demand and supply schedules for gadgets. Price Quantity Demanded Quantity Supplied ​$30 151 235 ​$25 159 215 ​$20 167 195 ​$15 175 175 ​$10 183 155 The equilibrium price in this market is ​$enter your response here. The equilibrium quantity in this market is enter your response here u