Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $30 is set, what will be size of the resulting surplus?
Topic: Demand and Supply Quiz ( MCQ and Answer )
The minimum legal price that can be charged in a market is:
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed, what will be the resulting full economic price?
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed,
The maximum legal price that can be charged in a market is:
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. The equilibrium quantity is:
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. The equilibrium price is:
If a shortage exists in a market, the natural tendency is for:
Suppose the supply of good X is given by QS x = 10 + 2Px. How many units of good X are produced if the price of good X is 20?
An ad valorem tax causes supply curve to:
Technological advances will cause the supply curve to:
Changes in the price of a good lead to:
For a steel factory, a decrease in the cost of electricity to the plant will cause the supply curve to:
The economic principle that producers are willing to produce more output when price is high is depicted by the:
The law of supply states that, holding all else constant, as the price of a good falls:
The curve which summarizes the total quantity producers are willing and able to produce at differing prices is the:
Other things held constant, the greater the price of a good
Suppose the demand for good X is given by…..
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. If aM is negative, then good y is:
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. If ay is positive, then:
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. From the law of demand we know that ax will be:
The demand function recognizes that the quantity of a good consumed depends on: