Course Hero Logo

The price is too high so suppliers want to produce

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 4 - 6 out of 8 pages.

The price is too high, so suppliers want to produce less than consumers want.Price is at equilibrium.
CONCEPTPrevailing Price8Laura is willing to pay as much as $1,000 for a wedding dress but is happy to find one she likesthat costs $300.Select the term below that corresponds to this situation.
9George wants to get rid of his old car so he can purchase a newer model. He has figured outthat he will not accept a price lower than $3,000, but a buyer offers to pay $5,000 for the car.How much producer surplus will George receive from this sale?
CONCEPTProducer Surplus10
Which of the following would be true if demand became more inelastic?
CONCEPTTaxes and Subsidies11If the market price for fast food wages is $7 per hour, at which wage level would a price floor bebinding?$6$15$7$1
CONCEPTBinding & Non-Binding Constraints12Which of the following is an example of the Law of Demand?

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 8 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
Pied Piper
Tags

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture