# ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz

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# ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz

Complete the Week 2 Market Dynamics and Efficiency Quiz in McGraw-Hill Connect®. These are randomized questions.

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after the due date.

The monthly demand and supply schedules for new cars at a large California dealership are shown in the table below.

Market for New Cars

 Price (dollars) Quantity of Cars Demanded Quantity of Cars Supplied \$30,000 0 250 25,000 100 225 20,000 200 200 15,000 300 175 10,000 400 150

If the dealership is currently charging \$25,000 for a new car, at the end of the month there will be:

a shortage of 125 cars.

a surplus of 5,000 cars.

a surplus of 125 cars.

a shortage of 5,000 cars.

neither a surplus nor a shortage; the market will be in equilibrium.

The demand and supply schedules for sunscreen at a small beach are shown below.

Market for Sunscreen

 Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen Supplied (bottles) \$35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000

1. If the price is \$15 per bottle, how many bottles of sunscreen are demanded and supplied?

Qd =

Qs =

In this case, there would be upward pressure on the price.

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