QUESTION Exhibit 3-1 ??? 150 Quantity Refer to Exhibit 3-1. At a price of $2 the

Question

QUESTION Exhibit 3-1 ??? 150 Quantity Refer to Exhibit 3-1. At a price of $2 there is a O a. surplus of 150 units o b. shortage of 100 units c. surplus of 200 units d. shortage of 150 units o e. shortage of 200 units QUESTION If the demand for a good is unit elastic and the price of the good increases o a. the direction of the change in total revenue cannot be determined from the information given b. total revenue decreases c. total revenue is not affected d.total revenue increases QUESTION As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are a. substitutes o b.normal goods c. complements d. inferior goods e. none of the above

Explanation / Answer

Q1. Answer is e. Shortage of 200 units At price $2, Demand is 350 units and Supply is 150 units As demand exceeds supply, the shortage of 200 units Q2. Answer is C. total revenue is not affected. Q3. Answer is C. Compliment

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