- 24 - 16 - 0 - 8 Q2/ All of the following factors except one is a factor that c

Question

- 24 - 16 - 0 - 8

Q2/ All of the following factors except one is a factor that causes an increase (rightward or upward shift) in the demand for hamburger. 1- An increase in the price chicken 2 -an increase of preference by demand on hamburger 3 - a decrease in the price of hamburger 4 - an increase in population of potential buyers 5 - a decrease in the price of fresh fries.
3/ All of following are characteristic of a market equilibrium price with one exception, the exception is: - firm how are willing to accept the equilibrium price - it is always fire and just price - it measures the cost of resources required to produce the last unit - it measure the value of the last unit sold to consumers. o te 16 2 24 28 32

Explanation / Answer

(Q1) When price = $20, Quantity demanded = 20 (From demand curve), Quantity supplied = 8 (From supply curve)

(Q2) Option (3)

A decrease in price of hamburger will increase in quantity demanded, causing a downward movement along demand curve and not a shift.

(Q3) Option (3)

Equilibrium price does not measure the cost of resources to produce last unit.

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