Home / Questions / Refer to Exhibit 3-14. At a price of $10, there is a ____________ unit ____________ of g

Refer to Exhibit 3-14. At a price of $10, there is a ____________ unit ____________ of g

Refer to Exhibit 3-14.  At a price of $10, there is a ____________ unit  ____________ of good X.

a.340; surplus

b.230; shortage

c.60; surplus

d.340; shortage

e.270; shortage

 

 

 

184.Refer to Exhibit 3-14.  At a price of $11, there is a ____________ unit  ____________ of good X.

a.290; shortage

b.215; shortage

c.40; surplus

d.290; surplus

e.230; shortage

 

 

 

185.Refer to Exhibit 3-14.  At a price of $12, there is a ____________ unit  ____________ of good X.

a.195; shortage

b.230; shortage

c.195; surplus

d.230; surplus

e.180; shortage

 

 

 

186.Refer to Exhibit 3-14.  At a price of $13, there is a ____________ unit  ____________ of good X.

a.140; shortage

b.160; shortage

c.140; surplus

d.20; surplus

e.100; surplus

 

 

 

187.Refer to Exhibit 3-14.  At a price of $15, there is a ____________ unit  ____________ of good X.

a.40; shortage

b.90; surplus

c.40; surplus

d.20; shortage

e.20; surplus

 

 

 

188.Which of the following is an example of a service?

a.medical care

b.dental care

c.a psychology lecture

d.a television set

e.a, b and c

 

 

 

189.Equilibrium and disequilibrium

a.are real world states.

b.are mental constructs used by economists.

c.foreshadow what is about to happen in a market.

d.a and b

e.a, b and c

 

 

 

190.A change in price will lead to a change in __________ and to a change in __________, while a change in government subsidies will lead to a change in __________ and a change in the number of buyers will lead to a change in __________.

a.quantity demanded; quantity supplied; supply; demand

b.demand; quantity supplied; supply; quantity demanded

c.quantity demanded; supply; quantity supplied; demand

d.quantity supplied; quantity demanded; demand; supply

e.quantity demanded; demand; quantity supplied; supply

 

 

 

191.If a market is in disequilibrium, economists would predict that the product’s price would __________ to reach equilibrium when the quantity demanded is __________ than the quantity supplied.

a.rise; greater

b.fall; less

c.fall; greater

d.rise; less

e.a and b

 

 

 

Exhibit 3-17

 

 

 

 

Price of Good XQuantity

SuppliedQuantity

Demanded

$20400260

19360290

18310310

17230350

16130400

15  70450

 

 

192.Refer to Exhibit 3-17.  At a price of $20, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________.  This would push the price __________ the equilibrium price.

a.greater; fall; toward

b.greater; rise; toward

c.less; fall; toward

d.less; rise; away from

e.less; fall; away from

 

 

 

193.Refer to Exhibit 3-17.  At a price of $16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________.  This would push the price __________ the equilibrium price.

a.greater; fall; toward

b.greater; rise; toward

c.less; fall; toward

d.less; rise; away from

e.greater; rise; away from

Dec 09 2019 Read more Less More

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