n the market for a good, there is an increase in demand and a decrease in supply
ID: 1202158 • Letter: N
Question
n the market for a good, there is an increase in demand and a decrease in supply. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.
no change : increase
increase :uncertain increase :
no change uncertain : increase
In the market for beef, a severe drought increases the price of corn (animal food). You would expect the equilibrium price of beef to _____ and the equilibrium quantity sold to ____. increase : decrease decrease : decrease increase : increase decrease : increase In the market for pizza, five new restaurants open. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.
increase : increase
increase : decrease
decrease : increase
decrease : decrease
In the market for pizza, the price of hamburgers (a substitute for pizza) has gone up. You would expect the equilibrium price of pizza to _____ and the equilibrium quantity of pizza sold to ____.
increase : increase
decrease : increase
decrease : decrease
increase : decrease
Explanation / Answer
* In the market for a good, there is an increase in demand and a decrease in supply. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.
Ans: increase :uncertain increase.
* In the market for beef, a severe drought increases the price of corn (animal food). You would expect the equilibrium price of beef to _____ and the equilibrium quantity sold to ____
Ans: increase : decrease decrease.
* In the market for pizza, five new restaurants open. You would expect the equilibrium price to _____ and the equilibrium quantity sold to ____.
Ans: decrease : increase.
* In the market for pizza, the price of hamburgers (a substitute for pizza) has gone up. You would expect the equilibrium price of pizza to _____ and the equilibrium quantity of pizza sold to ____
Ans: increase : increase.
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