number of firms selling demand for hula hoops. e he cost of producing hula hoops
ID: 1135288 • Letter: N
Question
number of firms selling demand for hula hoops. e he cost of producing hula hoops. 0 150 Reier to Figure H. If this market is unregulated and the price is currently $90, you would expect that the price of sunglasses would A) remain at $90, because firms would not want to reduce the price. B) fall to $30, so firms could sell their excess supply. C) fall to $60, where quantity demanded equals quantity supplied. D) fall, but the new price is indeterminate from the information provided. 23. Refer to Figure H. At a price of $90, there is an excess A) demand of 150 sunglasses. B) supply of 450 sunglasses C) demand of 600 sunglasses. D) supply of 600 sunglasses. 24. An insect that is resistant to currently used pesticides has infested the cotton crop, and this year's crop is only half of what was produced last year. You accurately predict that this A) will shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the demand for cotton will fall. B) will shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease. C) will shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease. D) will shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the demand for cotton will fall.Explanation / Answer
Answer 22 : Option C is correct. If this market is unregulated and the price is currently $90 ,you would expect that the price of sunglasses with fall to $60where quantityemanded is equal to Quantity supplied because they are able to satisfy the need of the consumer and attain the maximum level of profit.
Answer 23 : Option B is correct. At price of $90 there is an excess supply of 450 sunglasses because here quantity supplied is 600 sunglasses where is quantity demanded is 150 sunglasses so the difference is 450 sunglasses.
Answer 24 : option C is correct. When the cotton crop production has been decreases then the supply curve will shift to the left .When equiliburm price of the Cotton will increase and the quantity demanded cotton will decrease now the quantity demanded has been automatically decrease as the price increases.
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