Suppose the market supply for good X is given by QX S = -100 + 5PX. If the equilibrium price of X is $100 per unit then producers’ revenue from X is
Topic: Demand and Supply Quiz ( MCQ and Answer )
Suppose the market supply for good X is given by QX S = -100 + 5PX. If the equilibrium price of X is $100 per unit then producer surplus is
Suppose the market demand for good X is given by QX d = 20 – 2PX. If the equilibrium price of X is $5 per unit then consumers’ expenditure on X is
Suppose the market demand for good X is given by QX d = 20 – 2PX. If the equilibrium price of X is $5 per unit then consumer surplus is
Given a linear supply function of the form QX S = 3,000 + 3PX – 2Pr – Pw, find the inverse linear supply function assuming Pr = $1,000 and Pw = $100.
Given a linear supply function of the form QX S = -10 + 5PX, find the inverse linear supply function.
Given a linear demand function of the form QX d = 500 – 2PX – 3PY + 0.01M, find the inverse linear demand function assuming M = 20,000 and PY = 10.
Given a linear demand function of the form QX d = 100 – 0.5PX, find the inverse linear demand function.
Suppose there is a simultaneous increase in demand and decrease in supply, what effect will this have on the equilibrium price?
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline, would shift the supply curve
All else held constant, as additional firms enter an industry
Good X is an inferior good if a decrease in income leads to
Demand shifters do not include the
For a wood furniture manufacturer, an increase in the cost of lumber will cause the supply curve to:
Suppose the demand for good X is…..
Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to
Which of the following pairs of goods are probably complements?
Which of the following is probably not a normal good?
The law of demand indicates that as the price of a good increases, the quantity that
In a competitive market, the market demand is Qd = 70 – 3P and the market supply is Qs = 6P. A price ceiling of $4 will result in a
Jane pays the market price of $69 for….
When government imposes a price floor above the market price, the result will be that