Log in
Economics
7
answers
0
watching
636
views
28 Nov 2018

21. Suppose roses are currently selling for $40.00 per dozen. The equilibrium price of roses is $50.00 per dozen. What would we expect? aa shortage to exist and the market price of roses to increase b. a shortage to exist and the market price of roses to decrease C. a surplus to exist and the market price of roses to increase d. a surplus to exist and the market price of roses to decrease

word_media_image1.png
Watch
7
answers
0
watching
636
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Nestor Rutherford
Nestor RutherfordLv2
1 Dec 2018
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

refer to table 4-2. if the price were $2, a

A)shortage of 25 units would exist and price would tend to fall.

B)surplus of 50 units would exist and price would tend to rise.

C)surplus of 25 units would exist and price would tend to fall.

D)shortage of 50 units would exist and price would tend to rise.

 

With the presence of a binding price ceiling set by the government in the market, an increase in the price ceiling will ____ the quantity supplied,_____ the quantity demanded, and the ______ will be reduced.

A. decrease, increase, surplus

B. increase, decrease, surplus

C. decrease, increase, shortage

D. increase, decrease, shortage

 

Price per Bushel Quantity Demanded(bushels) Quantity Supplied(bushels)
$3 30,000 0
$6 26,000 4000
$9 22,000 9000
$12 18,000 12,000
$15 15,000 15,000
$18 12,000 22,000
$21 8000 28,000
$24 4000 36,000

The table above contains information about the corn market. Use the table to answer the following questions.

a. What are the equilibrium price and quantity of corn?

b. Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market?

c. What is the quantity of the shortage or surplus?

d. How many bushels will be sold if the market price is $9 per bushel?

e. If the market price is $9 per bushel, what must happen to restore equilibrium in the market?

f. At what price will suppliers be able to sell 22,000 bushels of corn?

g. Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market?

h. What is the quantity of the shortage or surplus?

i. How many bushels will be sold if the market price is $21 per bushel?

j. If the market price is $21 per bushel, what must happen to restore equilibrium in the market?

Related Documents

ECO 1104 Lecture Notes - Lecture 6: Demand Curve, Economic Equilibrium, Price Floor
orangeturtle698
ECO 1104 Lecture Notes - Lecture 6: Demand Curve, Price Ceiling, Price Floor
salmonsalmon41
ECO10004 Lecture Notes - Lecture 1: Economic Equilibrium, Harris Scarfe, Margarine
ochreduck413

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in