A. Suppose that demand increases and supply decreases. What would we expect to happen in the...
A. Suppose that demand increases and supply decreases. What would we expect to happen in the market?
a) Equilibrium price would decrease, but the impact on quantity would be ambiguous.
b)Equilibrium price would increase, but the impact on quantity would be ambiguous.
c)Both equilibrium price and quantity would increase.
d) Both equilibrium price and quantity would decrease.
B. If buyers now wanted to purchase larger quantities of a soft drink, what do we know about its demand curve?
a) The demand curve for soft drinks would shift to the left.
b) We would move down the demand curve for soft drinks.
c) The demand curve for soft drinks would shift to the right.
d) We would move up the demand curve for soft drinks.
C. If a shortage exists in a market, what do we know?
a) The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied.
b) The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied.
c) The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded.
d) The actual price is below equilibrium price, and quantity supplied is greater than quantity demanded.
Homework Answers
A) a) Equilibrium price would decrease, but the impact on quantity would be ambiguous.
B) b) We would move down the demand curve for soft drinks
C) a) The actual price is below the equilibrium price, and quantity demanded is greater than quantity supplied.
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A. Suppose that demand increases and supply decreases. What
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