Question 1

If the demand for a good increases at the same time as the supply of the same good decreases,what will happen to the equilibrium price and quantity of the good?

Accepted Answer

The answer of If the demand for a good increases...

Question 2

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

Accepted Answer

The answer of If the supply of pencils,a substitute for...

Question 3

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

Accepted Answer

The answer of If the price of steel,an input into...

Question 4

Scenario 4-2
Suppose the demand schedule in a market can be represented by the equation  ,where  is the quantity demanded and  is the price.Also,suppose the supply schedule can be represented by the equation  ,where  is the quantity supplied.
-Refer to Scenario 4-2.Suppose the supply curve shifts to  .What is the new equilibrium price and quantity in this market?

Accepted Answer

The answer of Scenario 4-2
Suppose the demand schedule in a...

Question 5

Scenario 4-2
Suppose the demand schedule in a market can be represented by the equation  ,where  is the quantity demanded and  is the price.Also,suppose the supply schedule can be represented by the equation  ,where  is the quantity supplied.
-Suppose the supply and demand of corn both increase.As a result,what will happen to the equilibrium price and equilibrium quantity in the market?

Accepted Answer

The answer of Scenario 4-2
Suppose the demand schedule in a...

Question 6

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

Accepted Answer

The answer of If the supply of tennis balls,a complement...

Quiz 4: The Market Forces of Supply and Demand

If the demand for a good increases at the same time as the supply of the same good decreases,what will happen to the equilibrium price and quantity of the good?

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?