Questions Class 6

Questions Class 6 - E. None of the above 3. A sale on...

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Econ 101 Class 6 Questions 1. Given the displayed demand and supply data, equilibrium price and quantity are: A. $3.00, 200 B. $1.50, 200 C. $2.25, 125 D. $2.25, 75 E. None of the Above ** 2. Which of the following correctly describes the effects of binding price floors and ceilings on markets? A. A price floor leads buyers to compensate sellers in alternative ways. B. A price floor causes quantity demanded to exceed quantity supplied. C. A price ceiling leads buyers to compensate sellers in alternative ways. ** D. A price ceiling causes quantity supplied to exceed quantity demanded.
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Unformatted text preview: E. None of the above 3. A sale on Subway sandwiches will cause ________ in the equilibrium price and ________ in the equilibrium quantity of pizza. A. A Decrease, An Increase B. A Decrease, A Decrease ** C. An Increase, An Increase D. An Increase, A Decrease 4. An increase in the price of Mozzarella cheese will cause ________ in the equilibrium price and________ in the equilibrium quantity of pizza. A. A Decrease, An Increase B. A Decrease, A Decrease C. An Increase, An Increase D. An Increase, A Decrease **...
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