Scheduled maintenance: Saturday, September 10 from 11PM to 12AM PDT Show
Home Subjects Solutions Create Log in Sign up Upgrade to remove ads Only ₩37,125/year
Terms in this set (25)Which of the following is the correct way to describe equilibrium in a market? At equilibrium, quantity demanded equals quantity supplied. At a product's equilibrium price the product's demand curve crosses the product's supply curve. Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for original Picasso paintings and the market for designer jeans. Which graph most likely represents which market? Graph B represents the market for original Picasso paintings and Graph A represents the market for designer jeans. In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see a shortage of oranges. Refer to Figure 3-4. If the price is $10, there would be a shortage of 600 units. Refer to Figure 3-4. At a price of $10, how many units will be sold? 200 Refer to Figure 3-4. If the current market price is $10, the market will achieve equilibrium by a price increase, increasing the quantity supplied and decreasing the quantity demanded. Refer to Figure 3-4. If the price is $15, there would be a shortage of 300 units. Refer to Figure 3-4. At a price of $15, how many units will be sold? 400 Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by a price increase, increasing the quantity supplied and decreasing the quantity demanded. Refer to Figure 3-5. At a price of $15 there would be a surplus of 4 units. Refer to Figure 3-5. At a price of $5, the quantity sold is 2 units. Refer to Figure 3-5. At a price of $20 there would be a surplus of 8 units. Refer to Figure 3-5. At a price of $10, the quantity sold is 4 units. Refer to Figure 3-5. In a free market such as that depicted above, a surplus is eliminated by a price decrease, decreasing the quantity supplied and increasing the quantity demanded. Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes this situation? Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price. In a perfectly competitive market, there are ________ buyers and ________ sellers. many; many
Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Assume that the market price is $35. Which of the following statements is true? There is a surplus that will cause the price to decrease; quantity demanded will then increase and quantity supplied will decrease until the price equals $25. Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Assume that the price of tote bags is $15. At this price there is a shortage, equal to 55 tote bags, that will be eliminated when the price rises to $25. Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices? The difference between quantity supplied and quantity demanded is greater at $50 than at $35. If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. Which of the following is evidence of a surplus of bananas? The price of bananas is lowered in order to increase sales. Which of the following is evidence of a shortage of walnuts? The quantity demanded of walnuts is greater than the quantity supplied. Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. Which of the following events would cause the price differences in these letters to get smaller? The demand for Lincoln letters increases and the supply of Booth letters increases. Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. What is a reason for this difference in price? There are more letters available for collectors to buy that were written by Lincoln than there are letters that were written by Booth. Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions Essential Foundations of Economics7th EditionHenry Cheeseman 232 solutions
Managerial Economics and Business Strategy8th EditionJeff Prince, Michael Baye 326 solutions Sets with similar termsEcon 443 terms anthony_picard5 ECON CHP 469 terms marloro Ch 455 terms mjb797 Econ, Exam 2, Ex. 118 terms sydneycblake Sets found in the same folderecon 202 chapter 350 terms Dominique_Hernandez9 Microeconomics Ch. 319 terms Jodi_Shockney Econ 202, Quiz 4.1-4.950 terms katherine_beaulieu7 Econ 202, Quiz 2.1-2.740 terms katherine_beaulieu7 Other sets by this creator5.3 Test Bank8 terms cadecardenas 5.3 Test Bank44 terms cadecardenas 5.1 Test Bank73 terms cadecardenas 5.2 Test Bank38 terms cadecardenas Verified questions
ECONOMICS In the short - run, as output increases, average fixed cost A. remains constant. B. falls and then rises after a certain output level. C. rises initially, and then falls continuously. D. falls continuously. E. rises continuously Verified answer ECONOMICS Imagine that you recently purchased a Golden Glow gas grill for your patio. You followed the directions care fully when you assembled the grill. But when you went to light it, there was a small explosion and a ball of fire appeared below the grill next to the gas regulator. You quickly turned off the gas at the tank, and the fire went out. Next you reread the instructions to be sure you had made no mistakes. Convinced that you had done it right, you tightened all the fittings on the grill and tried to light it again. This time there was a bigger explosion that singed the hair on your arms. You intend to take the grill back to the store where you bought it, but you also want to inform the Consumer Product Safety Commission so it can take action to protect other consumers. Write a letter to the CPSC explaining what happened and what you think the agency should do. Verified answer
ECONOMICS System in which decisions on production and consumption of goods and services are based entirely on exchange, or trade _____ Verified answer
ECONOMICS What price will a perfectly competitive firm end up charging in the long run? Why? Verified answer Other Quizlet setsTexas Government - Local Government20 terms triston_bowden 201 Final58 terms ToriARochester Chapter 16: Autism Spectrum and ADHD24 terms abraabra Related questionsQUESTION Effective, cross-cultural communication in today's global and "flattened" world is: 9 answers QUESTION TRUE OR FALSE: Succession planning traditionally has been very limited in scope, focused on senior executives within the organization. 2 answers QUESTION Most job descriptions include a job title, a job identification section, and a job duties section. 3 answers QUESTION validity in which the statistical information on a group of applicants is correlated with performance data that are collected after the applicants have been hired and trained 6 answers What is the quantity demanded if the price is $10?The price is $10, the quantity demanded is 100 units, and the quantity supplied is 130 units.
Which of the following is the correct way to describe equilibrium in a market or market equilibrium )?Key Terms. When a market is in equilibrium the?A market is in equilibrium if at the market price the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied is called the equilibrium price or market clearing price and the corresponding quantity is the equilibrium quantity.
When the price is below the equilibrium price which of the following is true?At a price below equilibrium, such as 1.2 dollars, quantity demanded exceeds quantity supplied, so there is excess demand.
|
Refer to figure 3-4. if the current market price is $10, the market will achieve equilibrium by
Postagens relacionadas
direito autoral © 2024 ptfrojeostern Inc.
