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- A competitive market will:
A. achieve an
B. produce shortages.
C.
D. create disorder.
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- Which of the following statements about equilibrium price are true? Choose all that apply. a. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. b. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same. c. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. d. Market equilibrium takes place almost instantly.If the quantity demanded is less than the quantity supplied, then:A. the price will have to increase to establish equilibrium.B. there will be an excess supply of goods.C. the demand will shift to the right.D. there will be a shortage of goods.The behavior of suppliers or producers to make products available for sale refers to: A. supply b.supply schedule. c. quantity supplied. d. supply curve.
- Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibriumCarefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity.Draw the supply and demand graph in equilibrium for a single market. Identify the equilibrium price and quantity. Make sure to label the axis as well as the curves.
- Explain the Market Equilibrium.Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price, and quantity.Which one of the following statements is incorrect?At equilibrium:A. demand is equal to supply.B. the quantity demanded is equal to the quantity supplied.C. there is no excess demand.D. there is no excess supply.E. there is no market surplus.
- Suppose the demand of a product decreases. What will be the effect on the market equilibrium price and quantity if supply is perfectly inelastic? If supply is perfectly inelastic, then A. the equilibrium price will decrease and the equilibrium quantity will decrease. B. the equilibrium price will decrease and the equilibrium quantity will not change. C. the equilibrium price will not change and the equilibrium quantity will not change. D. the equilibrium price will increase and the equilibrium quantity will increase.If there is an increase in the price of red meat, a substitute in production for milk, then: Select one: a. The demand for milk will decrease. b. There will be a movement along the supply curve for milk. c. The supply of milk will decrease. d. The supply of milk will increase. e. None of the above will result. Reason:Researchers find that drinking beer has positive health effects. What impact will this have on the price of beer and producer surplus? Select one: a. they both decrease b. the equilibrium market price increases, and producer surplus decreases c. they both increase d. the equilibrium market price decreases, and producer surplus increases
