ECO 365T Wk 2 - Practice: Market Dynamics and Efficiency Quiz
ECO 365T Wk 2 - Practice: Market Dynamics and Efficiency Quiz
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ECO 365T Wk 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
|
Instructions: Enter your answers as a whole number.
Qd =
Qs =
In this case, there would be upward pressure on the price.
P =
Q =
Use the following graph for the milk market to answer the question below.
There would be excess production of milk whenever the price is
Multiple Choice
greater than $1.50 per gallon.
greater but not less than $2.00 per gallon.
less than $1.50 per gallon.
less but not greater than $2.00 per gallon.
There is a surplus in a market for a product when
Multiple Choice
quantity demanded is less than quantity supplied.
demand is less than supply.
the current price is lower than the equilibrium price.
quantity demanded is greater than quantity supplied.
Use the following table to answer the question below.
|
Price per Unit
|
Quantity Demanded per Year
|
Quantity Supplied per Year
|
|
$5
|
2,000
|
0
|
|
10
|
1,800
|
300
|
|
15
|
1,600
|
600
|
|
20
|
1,400
|
900
|
|
25
|
1,200
|
1,200
|
|
30
|
1,000
|
1,500
|
There will be a shortage whenever the price is
Multiple Choice
equals $25.
higher than $25.
higher than $30.
lower than $25.
A decrease in demand and an increase in supply will
Multiple Choice
decrease price and affect the equilibrium quantity in an indeterminate way.
decrease price and increase the equilibrium quantity.
increase price and affect the equilibrium quantity in an indeterminate way.
affect price in an indeterminate way and decrease the equilibrium quantity.
Click Here To Download Your Files :
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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ECO 365T Wk 2 - Practice: Market Dynamics and Efficiency Quiz
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