Use the figure below to answer the following questions. Price (dollars per unit) 10 8 6 A 2 0 D 100 200 300 400 500 600 Quantity (units) Figure 3.4.2 At a price of $4 a unit in Figure 3.4.2 Select one: O a. the equilibrium quantity is 400 units. O b. there is a surplus of 200 units. c. the quantity supplied is 400 units. O d. there is a shortage of 200 units. O e. the quantity demanded is 200 units.

Use the figure below to answer the following questions. Price (dollars per unit) 10 8 6 A 2 0 D 100 200 300 400 500 600 Quantity (units) Figure 3.4.2 At a price of $4 a unit in Figure 3.4.2 Select one: O a. the equilibrium quantity is 400 units. O b. there is a surplus of 200 units. c. the quantity supplied is 400 units. O d. there is a shortage of 200 units. O e. the quantity demanded is 200 units.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...

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Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasoline
If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?
Review Figure 3.4 again. Suppose the price of gasoline is 1.00. Will the quantity demanded he lower or higher than at the equilibrium price of 1.40 per gallon? Will the quantity supplied be lower or higher? Is them a shortage or a surplus in the market? If so, of how much? Figure 3.4 Demand and Supply of Gasoline
If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
Explain why the following statement is false: In the goods market, no seller would be willing to sell for less than the equilibrium price.
Suppose there is a soda tax to curb obesity. What should a reduction in the soda tax do to the supply of sodas and to the equilibrium price and quantity? Canyon show this graphically? Hint: Assume that the soda tax is collected from the sellers.
What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
The figure given below shows the demand and supply curves in the market for bread. Figure 6 10 ↑ Price 94 8 1 1 2 3 Quantity (Attention: If you can't see the Eigure, please click here to download and view the image. Thank you.) & Refer to Figure 6. At a price of O $2, there is a surplus of 6 units. O $5, there is a surplus of 5 units. O $8, there is a surplus of 6 units. O $7, there is a shortage of 4 units. O $5, there is a shortage of 5 units.
Use the figure below to answer the following question. S3 $5+ S1 S2 b 02 4 6 8 10 12 14 16 18 2O Quantity Supplied (thousands of bushels per week) The figure shows three supply curves for corn. Which of the following would cause the supply of corn to shift from S1 to S2? O A) a decrease in the price of water O B) a new tax on corn production B) OC) an increase in the price of corn D) an increase in the price of water 3. 2. (punod Jed)
10 tof 8. estion 4. 2. 100 200 300 400 500600 Quantity At a price of $4 in the above figure Select one: O a. there is a surplus of 200 units. O b. there is a shortage of 200 units. Oc. the quantity supplied is 400 units. O d. the equilibrium quantity is 400 units. Price N 期拼拼

The price of a DVD rental is $1.50 and the price of a downloaded movie is $1.00. If the price of a DVD rental increases by $0.50, the relative price a downloaded movie Select one: O a. falls. O b. rises: Oc. does not change. O d. might change but more information is needed.
When economists say the quantity supplied of a product has decreased, they mean the supply curve has shifted to the right. price of the product has risen, and consequently, suppliers are producing more of it. O price of the product has fallen, and consequently, suppliers are producing less of it.