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Exam 1 (supply and demand packet page 8) Flashcards | StudBud
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Exam 1 (supply and demand packet page 8)
Exam 1 (supply and demand packet page 8)
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page 8
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Questions
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Answers
1
When the price is at $.40 is there a surplus or shortage? How much? What will happen to price?
surplus 40,000 decrease
shortage 40,000 decrease
shortage 40,000 increase
surplus 40,000 increase
2
In the table above, What is the equilibrium quantity?
48,000
58,000
67,000
40,000
3
When the price is at $.15 is there a surplus or shortage? How much? What will happen to price?
shortage 20,000 increase
shortage 20,000 decrease
surplus 20,000 increase
surplus 20,000 decrease
4
In the table above, what is the equilibrium price?
15 cents
25 cents
20 cents
30 cents
