3 C Web Quiz.docx - (3C Web Quiz 1 According to this table...

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(3C Web Quiz) 1) According to this table, what is the equilibrium price and quantity? Ans: $9 and 3,000 2) According to this table, What is the profit maximizing price and Quantity (WHAT WE GET)?
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Ans: $9 and 3,000 3) According to this graph, what is the equilibrium price and quantity ? Ans: $9 and 3,000 4) According to this graph, What is the profit maximizing price and quantity (WHAT WE GET)?
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Ans: $9 and 3,000 5) Which is NOT one of the assumptions of a competitive market? Ans: Quantity supplied is greater than quantity demanded. 6) What Happens if the price in this market is $6?
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Ans: There will be a shortage of 3,000 7) Which of these graphs best illustrates what happens to the market for new cars if there is an increase in consumer incomes? Ans:
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8) What will happen to the price (P) and Quantity (Q) of new cars if there is an increase in consumer incomes? Ans: Price up, quantity up 9) “It’s becoming almost an annual tradition: As fuel prices rise in the spring, so do the prices of hybrid cars .” Why?
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