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- __________________ is the price ceiling above which there is no demand for a product: Select one: a. Production costs b. Customer's perception of value c. Maximum selling price d. Competitor's prices2 . Supermarkets, and grocery stores Assume the Government chose to set a price control on the products in your industry, would it be more likely to be a price floor or a price ceiling? What are your reasons for your answer?Refer to Figure H. At what price would there be an excess demand of 200 units of the good? $20 $10 $15 $5
- If the Equilibrium reminding the same. However, the ceiling and floor is shifting from 3.00 to 4.50 and 2.50. what will be happening on supply and demand curve? (a) A Price Floor That Is Not Binding Price of Ice-Cream Cone Equilibrium price 2 0 100 Equilibrium quantity Supply Price floor Demand Quantity of Ice-Cream Cones Price of Ice-Cream Cone $4 Equilibrium price 0 (b) A Price Floor That Is Binding Surplus 80 Quantity demanded 120 Quantity supplied Supply Price floor Demand Quantity of Ice-Cream ConesQuestion 1. The government intervenes by setting a maximum price to be sold of 350$. What type of Price control is it? Who is it supposed to gain and lose from this intervention? 2. Will this create a surplus or shortage? Calculate 3. Calculate the deadweight losses created by this intervention 4. Calculate the new consumer Surplus created from this interventionThe above reflects the short-run supply and demand for honey.... which is a normal good. Which graph best captures the imposition of an effective price ceiling on honey. Supporting Materials Graph 5 Price Price 0,70, Graph 7 Graph 8 Graph 6 Graph 5 0,70, Graph 7 None of the above. Quantity Quantity Price P₁1P, Price P,?P, Graph 6 Graph 8 Quantity Quantity
- 37. Which of the following factor is affecting supply negatively? a. Tax b. Technology c. Subsidy d. Favorable climate8- When the quantity demanded for a commodity is 400 units but the quantity supplied is 575 units, it is called ________. a. Equilibrium of supply b. Shortage of supply c. Equilibrium of demand d. Surplus of supplyDescribe the different sources of demand.
- 1. Using the following Supply and Demand schedules for bicycles to answer the questions below. Quantity Demanded (Qd) Price Quantity Supplied (Qs) $300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response to lobbying by the Bicycle Ridders Association, Congress places a price ceiling of $700 on bicycles. What effect will this have on the market for bicycles? Why? b. In response to lobbying by the same Bicycle Ridder Association, Congress places a price ceiling of $400 on bicycles, Using the information above, impose the price ceiling. What is the result of the price ceiling of $400 on bicycles?II. Given the following price, quantity demand and quantity supply, calculate for the following. Quantity Demand 9,000 7,500 Quantity Supply 3,000 5,000 Price (per kilo) 32 35 37 6,000 6,000 40 5,000 9,000 12,000 45 4,500 A. Make a combine demand and supply curve then identify the equilibrium price. Label the surplus and shortage area.1) If supply increases and demand also decreases, we can conclude that the new equilibrium: a. Quantity must increase but market price may fall, stay the same or even increase. b. Price must fall but market quantity may fall, stay the same or even increase. c. Price must increase but market quantity may fall, stay the same or even increase. d. Quantity must decrease but market price may fall, stay the same or even increase. e. Both market quantity and market price must increase. f. Market quantity must increase and market price must decrease. 2.) One of the following equations represents a supply curve and the other a demand curve. You have to decide which is which. Circle the answer for question three that is the closest to being correct. The equations are: Q = 150 - 10P Q = 100 + 5.6P What quantity will be demanded if the market price is forced to be $9? 3.2 60.0 111.0 118.0 130.0…
