Figure 4-8 SD100 200 300 400 500 600 700 800quantity5101520253035404550price18. Refer to Figure 4-8. At what price would there be an excess supply of 200 units of the good?
19. Refer to Figure 4-8. At the equilibrium price,
20. Suppose that demand for a good decreases and, at the same time, supply of the good decreases. What would happen in the market for the good?
21. Milk has an inelastic demand and beef has an elastic demand. Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent. The change in equilibrium price will be a. the same in the milk and beef markets. b. greater in the milk market than in the beef market. c. greater in the beef market than in the milk market. d. may be greater in either the milk market or the beef market.