6. Drag the correct word/phrase to each sentence. All the following are shift fa

Question

6. Drag the correct word/phrase to each sentence. All the following are shift factors for An increase in income will shift the demand for good X to the left. True or false? a supply curve: prices of relevant resources, taxes and subsidies, technology, and number of sellers, and own price. True or false? curve for good X to the right if good X is a normal good and an increase in the price of relevant resources will shift the supply curve ir demand for good X increases by more than the supply of good X decreases, then equilibrium price wil rise and equilibrium quantity wil At a disequlibrium price below equilibrium price, aexists in the market, such that ls greater than quantity supplied. Fill in the blanks with words that would best complete the passage. falise fal rise quantity suppilied quantity demanded shortage surplus true

Explanation / Answer

5.
If the maximum buying price for good X is $40 and the price paid for the good is $23, then surplus is $17
The number of sellers of good X rises. As a result, equilibrium price will fall and equilibrium quantity will rise.
Will lead to a rise in equilibrium price and to an unchanged equilibrium quantity, True

6.
True
True
Fall
Shortage exists in the market, such that quantity demanded is greater than quantity supplied

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