Survey of Economics (MindTap Course List)
9th Edition
ISBN: 9781305260948
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 3, Problem 9SQ
To determine
When a shortage occurs in an economy.
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If there is a market shortage of 20 units, what is the impact on price?
A. The price is below the equilibrium at $50
B. The price is above the equilibrium at $50
C.The price is equal the equilibrium at $50
D. None of the above
carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee.
choose the suitable answer for QUESTION 2, 3 and 4.
Questions
2) impact on supply
3)impact on price
4)impact on quantity
Answers.
a. decrease equilibrium quantity
b.excess supply
c. increase equilibrium quantity
d. decrease towards equilibrium
e.increase towards equilibrium
f. change in price in uncertain
g.decrease equilibrium price
h.excess demand
i. change in quantity uncertain
j.increase equilibrium price
k. no impact
l.shift outwards/ to right
m.shift inwards/to left
The price of chicken wings decreased. Which of the following is likely to happen:
A.
The supply of chicken wings will increase
B.
The supply of chicken wings will decrease
C.
Quantity supplied of chicken wings will decrease
D.
Quantity supplied of chicken wings will increase
Chapter 3 Solutions
Survey of Economics (MindTap Course List)
Ch. 3.6 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQP
Ch. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
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Similar questions
- Price E C B. 52 50 51 D Quantity Figure 3-3 Refer to Figure 3-3. A change from Point A to Point B represents a(n): increase in quantity supplied increase in supply decrease in supply decrease in quantity suppliedarrow_forwardThe Law of supply states that other things remaining the same_________ a. There is a direct relationship between price and quantity supplied b. There is an inverse relationship between price and quantity supplied c. None of these d. There is no relationship between price and quantity suppliedarrow_forwardIncrease in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowersarrow_forward
- E Quantity Refer to the image above. A change from Point A to Point B represents a(n): increase in supply. decrease in supply. increase in quantity supplied. decrease in quantity supplied. Pricearrow_forwardcarefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer. 1) Impact on demand a. decrease equilibrium quantity b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right m.shift inwards/to leftarrow_forwardOther things being equal, a decrease in the quantity supplied to the market at given prices leads to: a. A higher price and a contraction of demand b. A lower price and a contraction of demand c. A higher price and an expansion of demand d. A lower price and an expansion of demandarrow_forward
- When there is an excess quantity supplied of a product at the current price, then: a. the market price must be below equilibrium price. b. the market price will tend to rise. c. the market price must be above equilibrium price. d. the market price will tend to fall. e. both c. and d. will occur.arrow_forwardWhat happens to the equilibrium price and quantity of gasoline during a severe hurricane in the Gulf of Mexico? A. Price decrease, Quantity decrease B. Price decrease, Quantity increase C. Price increase, Quantity decrease D. Price increase, Quantity increasearrow_forwardPrice Supply $4 M 3 2 Demand 40 50 60 Quantity If the price starts out at $4, what will surely happen over time? a) The quantity supplied will fall, quantity demanded will rise and quantity sold will fall. b) The quantity supplied will fall, quantity demanded will rise and quantity sold will rise. c) The quantity supplied will fall, quantity demanded will fall and quantity sold will rise. d) The quantity supplied will rise, quantity demanded will fall and quantity sold will rise.arrow_forward
- When the price of a good is above its equilibrium price: Select one: a. a shortage puts upward pressure on the price. b. a surplus puts upward pressure on the price c. a shortage puts downward pressure on the price. d. a surplus puts downward pressure on the price.arrow_forwardIndicate the effect (increase, decrease or indeterminate) on the equilibrium price and quantity of each of these changes in demand and/or supply. A. Decrease in demand, supply is constant 1. 2. B. Decrease in supply, demand is constant 3. 4.arrow_forwardbased on the graph, the movement from S to S1 is called: Price Quantity Select one: a. None of the answers are correct b. decrease in quantity supplied c. increase in quantity supplied d. increase in supply e. increase in demand Of. decrease in supplyarrow_forward
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