Question : 3.3   Market Equilibrium: Putting Demand and Supply Together 1) At market : 1388150

 

 

3.3   Market Equilibrium: Putting Demand and Supply Together

 

1) At market equilibrium,

A) demand equals supply.

B) quantity demanded equals quantity supplied.

C) surpluses are greater than shortages.

D) shortages are greater than surpluses.

 

2) At a product’s equilibrium price

A) anyone who needs the product will be able to buy the product, regardless of ability to pay.

B) the federal government will provide the product to anyone who cannot afford it.

C) not all sellers who are willing to accept the price will find buyers for their products.

D) any buyer who is willing and able to pay the price will find a seller for the product.

 

 

Figure 3-3

 

 

3) Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses. Which graph most likely represents which market?

A) Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses.

B) Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses.

C) Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.

D) Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.

 

4) 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) a surplus of gasoline.

B) the quantity demanded equal to the quantity supplied.

C) a shortage of gasoline.

D) an increase in the demand for gasoline.

 

 

Figure 3-4

 

5) Refer to Figure 3-4.  If the price is $25,

A) there would be a surplus of 300 units.

B) there would be a shortage of 300 units.

C) there would be a surplus of 200 units.

D) there would be a shortage of 200 units.

 

6) Refer to Figure 3-4.  At a price of $25, how many units will be sold?

A) 400

B) 500

C) 600

D) 800

 

 

7) Refer to Figure 3-4.  At a price of $25, how many units will be supplied?

A) 400

B) 500

C) 600

D) 800

 

 

8) Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by

A) a price increase, increasing the supply and decreasing the demand.

B) a price decrease, decreasing the supply and increasing the demand.

C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.

D) a price increase, increasing the quantity supplied and decreasing the quantity demanded.

 

 

9) Refer to Figure 3-4.  At a price of $20, how many units will be sold?

A) 400

B) 500

C) 600

D) 800

 

10) Refer to Figure 3-4.  At a price of $20, how many units will be supplied?

A) 400

B) 500

C) 600

D) 800

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more