Homework Answers
1) When P=2
QD>QS
So, there is a shortage of 350-150 = 200 units
option(D)
2) As the price decreases, there would be a downward movement from j to k in figure c
option(C)
3) As we move from point Q to point R, we are giving up transplants for more trips
option(A)
4) Demand increases and shifts to the right when consumer income increases and they consume more of the normal good
option(D)
As per HOMEWORKLIB RULES, the first four parts are answered.
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