KIC000048 - Student" Imtructor norm alkofihi Date...

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Unformatted text preview: Student" Imtructor: norm alkofihi Date: 1011/09 Come: Eco 2301—05 Time: 1:33 PM Book: I-Iubbud/O'Bricn: Microeconomics 2:. Assignment: HW Ch3-2 23, Refer to the diagram to the right. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S I (point A). If there is a shortage of apples how will the equilibrium point change? OK The equilibrium point will move from A to B. {)B- The equilibrium point will move from A to E. :gC‘ There will be no change in the equilibrium point. OD- The equilibrium point will move from A to C. Price 24. An increase in the equilibrium price for a product will result CIA- when there is a decrease in supply and a decrease in demand for the product. C.- ” when there is an increase in demand and an increase in the number of firms producing the product. QC- when the quantity demanded for the product exceeds the quantity supplied. :Q'D- when there is a decrease in supply and an increase in demand for the product. 25_ Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon? tj j A An increase in demand and an increase in supply. it’B' A decrease in supply. QC A decrease in demand and an increase in supply. 2: i D- An increase in demand and an increase in supply greater than the increase in demand. ...
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