Which term describes the situation where the quantity supplied exceeds the quantity demanded at a given price? A) Shortage B) Surplus C) Equilibrium D) Elasticity

Which of the following statements about the price elasticity of demand is correct? Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases. All of the above are correct.

Identify three factors that are likely to affect the price elasticity of supply for rice. Clearly indicate the impact that each factor with have on the price of rice elasticity.

Suppose that as the price of an item increases by 10% and the quantity demand of a different item increases by 1% calculate the cross price electicity of demand

Consider the following demand schedule. Price Quantity Demanded $0 1,000 $3 800 $6 600 $9 400 $12 200 $15 0   Using the midpoint method, what is the price elasticity of demand between $12 and $15?