21.Supposethatdemandforagoodincreasesand,atthesametime,supplyofthegooddecreases.What wouldhappeninthemarketforthegood?
a.Equilibriumpricewoulddecrease,buttheimpactonequilibriumquantitywouldbeambiguous.
b.Equilibriumpricewouldincrease,buttheimpactonequilibriumquantitywouldbeambiguous.
c.Equilibriumquantitywoulddecrease,buttheimpactonequilibriumpricewouldbeambiguous.
d.Equilibriumquantitywouldincrease,buttheimpactonequilibriumpricewouldbeambiguous.
22.Supposethatdemandforagooddecreasesand,atthesametime,supplyofthegooddecreases.Whatwouldhappeninthemarketforthegood?
a.Equilibriumpricewoulddecrease,buttheimpactonequilibriumquantitywouldbeambiguous.
b.Equilibriumpricewouldincrease,buttheimpactonequilibriumquantitywouldbeambiguous.
c.Equilibriumquantitywoulddecrease,buttheimpactonequilibriumpricewouldbeambiguous.
d.Equilibriumquantitywouldincrease,buttheimpactonequilibriumpricewouldbeambiguous.
Table4-9
AnIncreaseinSupply
ADecreaseinSupply
AnIncreaseinDemand
A
B
ADecreaseinDemand
C
D
23.RefertoTable4-9.Whichcombinationwouldproduceanincreaseinequilibriumquantityandanindeterminatechangeinequilibriumprice?
a.A
b.B
c.C
d.D
24.RefertoTable4-9.Whichcombinationwouldproduceanincreaseinequilibriumpriceandanindeterminatechangeinequilibriumquantity?
a.A
b.B
c.C
d.D
25.RefertoTable4-9.Whichcombinationwouldproduceadecreaseinequilibriumpriceandanindeterminatechangeinequilibriumquantity?
a.A
b.B
c.C
d.D
26.RefertoTable4-9.Whichcombinationwouldproduceadecreaseinequilibriumquantityandanindeterminatechangeinequilibriumprice?
a.A
b.B
c.C
d.D
Table4-10
Thefollowingtableshowsthenumberofcasesofwatereachselleriswillingtosellatthepriceslisted.
Pricepercase
AlpineSprings
BrookMountain
CascadeWaters
DewGood
$0.00
0cases
0cases
0cases
0cases
$3.00
100cases
40cases
60cases
100cases
$6.00
200cases
80cases
120cases
200cases
$9.00
300cases
120cases
180cases
300cases
27.RefertoTable4-10.IfAlpineSpringsandDewGoodaretheonlytwosuppliersinthismarket,byhowmuchdoesthemarketquantitysuppliedchangewitheach$3increaseinprice?
a.-200cases
b.-100cases
c.100cases
d.200cases
28.RefertoTable4-10.Ifthefoursupplierslistedaretheonlysuppliersinthismarketandthemarketdemandscheduleis:
Price
QuantityDemanded
$0.00
1200
$3.00
900
$6.00
600
$9.00
300
theequilibriumpriceandquantityare
a.$0.00and1200cases
b.$3.00and300cases
c.$6.00and600cases
d.$9.00and600cases
29.RefertoTable4-10.Ifthefoursupplierslistedaretheonlysuppliersinthismarketandthemarketquantitydemandedis500caseswhenthepriceis$5.00,whichofthefollowingstatementsiscorrect?
a.Themarketisinequilibriumatapriceof$5.00.
b.Thereisasurplusof100casesatapriceof$5.00.
c.Thereisashortageof100casesatapriceof$5.00.
d.Thereisashortageof50casesatapriceof$5.00.
30.Thelawofsupplyanddemandassertsthat
a.demandcurvesandsupplycurvestendtoshifttotherightastimegoesby.
b.thepriceofagoodwilleventuallyriseinresponsetoanexcessdemandforthatgood.
c.whenthesupplycurveforagoodshifts,thedemandcurveforthatgoodshiftsinresponse.
d.the equilibrium price of a good will berising more often than it will be falling.
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