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:. Use the followr'n table to answer the ve questions that folio w. WWW MN 000m"! Prion Demanded suppuod 90.75 100.000 05.000 $1.00 92.000

  1. Market for used cars:

Demand: Qd = 154,000 - 86 P

Supply: Qs = -100 + 14 P


What would be the quantity supplied if a price floor is set at $100? 

A)154,100

B)100

C)1,300

D)1,541

E)21,474

2.You would expect there to be many customers for a black market good where: 

A)binding price floor is low.

B)binding price floor is high.

C)binding price ceiling is high.

D)binding price ceiling is low.

E)non-binding price ceiling is high.

3.The city of Barlow is known for its wide variety of ice cream shops. What will happen if Nick's Ice Cream Palace raises the price of its shakes? 

A)Demand will increase by a greater proportion than the price.

B)The quantity demanded will increase by a greater proportion than the price.

C)Demand will decrease by a greater proportion than the price.

D)The quantity demanded will decrease by a greater proportion than the price.

E)Demand will not change.

  1. Screen Shot 2018-05-08 at 8.07.09 PM.png
Screen Shot 2018-05-08 at 8.07.09 PM.png

:. Use the followr'n table to answer the five questions that folio w. WWW MN 000m"!
Prion Demanded suppuod
90.75 100.000 05.000
$1.00 92.000 00.000
$1.25 00.000 00.000
31.50 00.000 100.000
51.75 75.000 115.000
52.00 00.000 110.000 What is the equilibrium quantity in the market for public transportation?
86,000 75,000 0 (zero) 116,000 100,000

Top Answer

1. The answer is C 2. The... View the full answer

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