Question : 131) If a demand curve and a supply curve can : 1384152

 

131) If a demand curve and a supply curve can be stated functionally as Qd = 100 – 5P; and Qs = 90 + 5P, respectively, then the equilibrium quantity and price (Q, P) would be

A) 95; 1.

B) 1; 95.

C) 190; 1.

D) 95; 10.

E) 190; 10.

132) If a demand curve and a supply curve can be stated functionally as Qd = 500 – 0.1P and Qs = 440 + 0.4P, respectively, then the equilibrium quantity and price (Q, P) would be

A) 150; 150.

B) 50; 176.

C) 150; 485.

D) 488; 120.

E) 940; 0.4.

133) Suppose that the demand and supply curves in the market for apples have the following functional forms: QD = 250 – 4p and QS = 10 + p. The equilibrium quantity and price would then be

A) Q = 48, p = 58.

B) Q = 58, p = 48.

C) Q = 68, p = 98.

D) Q = 68, p = 108.

E) Q = 92, p = 48.

134) Suppose that the demand and supply curves in the market for apples have the following functional form: QD = 250 – 4p and QS = 10 + p. If the prevailing price on the market is 50, then

A) the market is clearing.

B) the market exhibits an excess supply of 10 units.

C) the market exhibits an excess supply of 240 units.

D) the market exhibits an excess demand of 10 units.

E) the market exhibits an excess demand of 240 units.

135) Suppose the demand and supply curves in the market for apples have the following functional form: QD = 250 – 4p and QS = 10 + p. If the prevailing market price is 40, then

A) the market is clearing.

B) the market exhibits an excess supply of 50 units.

C) the market exhibits an excess supply of 40 units.

D) the market exhibits an excess demand of 50 units.

E) the market exhibits an excess demand of 40 units.

136) Suppose that the demand and supply curves for green tea are stated functionally as QD = 700 – P and QS = 400 + 2P. Suppose also that a study is released proving that the regular consumption of green tea prolongs life by at least a decade, and the result is that the quantity demanded of green tea doubles at the initial equilibrium price. The equilibrium price in this case will increase by

A) 100%

B) 140%

C) 200%

D) 300%

E) Insufficient information to compute

137) The price of one good divided by the price of another good is called a

A) marginal price.

B) money price.

C) absolute price.

D) relative price.

E) ceteris paribus price.

138) The relative price of a good

A) is always measured in current dollars.

B) is a measure of the relative share of the consumer’s income devoted to its purchase.

C) is its price in terms of money.

D) is equal to the average price of the good over the last 5 years.

E) reflects its price in terms of units of other goods.

139) Suppose that the price of wheat has fallen from $3 to $2 per bushel and that the price of newsprint has fallen from $200 to $100 per tonne. The relative price of wheat in terms of newsprint

A) has fallen.

B) has risen.

C) remained constant.

D) cannot be determined from the above data.

E) is completely unrelated.

140) Suppose that the price of good X increases from $3.00 to $4.00 while the price of good Y increases from $150 to $200. The relative price of X (in terms of Y)

A) has fallen.

B) has risen.

C) remained constant.

D) cannot be determined from the above data.

E) is completely unrelated to the price of good Y.

 

 

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