The highest price that buyers are willing and able to pay for a given quantity of a good is the: a) shortage price b) surplus price c) determinant price d) demand price e) supply price
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The highest price that buyers are willing and able to pay for a given quantity of a good is the:
a) shortage price
b) surplus price
c) determinant price
d) demand price
e) supply price
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- Which of the following increases the supply of a good? A) The price of a complement in production decreases. B) Productivity improves. C) Producers expect higher prices for the good in the future. D) Prices of inputs used to produce the good rise. E) The number of producers decreases.In a market, if the price of a good is set below the equilibrium price, what will happen? a) Shortage b) Surplus c) Equilibrium d) Price ceilingA rise in the price of a substitute in production for a good leads to A) an increase in the supply of that good. B) no change in the supply of that good; instead there is a change in the quantity supplied. C) a decrease in the quantity of that good supplied. D) no change in either the supply or the quantity supplied of the good. E) a decrease in the supply of that good.
- Give one reason for decrease in supply of a goodwhich of the following does not directly influence the demand for a good? the size of the population consumer preferences the cost of producing the good average consumer incomeThe amount of a good or a service that a producer supplies at a specific price is called:
- The price at which quantity demanded and quantity supplied of a good is equal is known as maximum price. True / FalseIf we observe an increase in the price of a good and an increase in the amount of the good bought and sold, this could be explained by an increase in the supply of the good. an increase in the demand for the good. a decrease in the demand for the good. a decrease in the supply of the good.Demand: Change in demand vs. a change in quantity demanded Distinction between a movement along a demand curve and a shift of the demand curve Change in price vs. a change in a non-price factor
- For an inferior good, the quantity demandedQuestion 1 Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see a surplus of gasoline. the quantity demanded equal to the quantity supplied. a shortage of gasoline. an increase in the demand for gasoline.The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.
