Given the following individuals' demand schedules for product X, and assuming these are
the only three consumers of X, which set of prices and output levels below will be on the
market demand curve for this product?
If the supply curve moves from S1 to S2
on the graph below, there has been
The equilibrium price in this market is
An increase in the cost of labour lowers the quantity supplied by 65 units at each
price. The new equilibrium price would be
If the quantity demanded at each price increases by 130 units, then the new equilibrium
quantity will be
Assume that the market is initially in equilibrium where D1
and S1 intersect. If there is an increase in the number
of buyers, then the new equilibrium would most likely be at point
Assume that the equilibrium price and quantity in the market are P2
and Q2. Which factor would cause the equilibrium price
and quantity to shift to P1 and Q3?
If the market equilibrium was at point Y but the price of the product was set at P1, then there would be a
What would cause a shift in the equilibrium price and quantity from point Z to point X?
Assume that the market is initially in equilibrium where D1 and
S1 intersect. If consumer incomes increased and the
technology for making the product improved, then new equilibrium would most likely be at
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