ECO 365T Wk 2 - Apply: Market Dynamics and Efficiency Homework

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ECO 365T Wk 2 - Apply: Market Dynamics and Efficiency Homework

Review the Week 2 Market Dynamics and Efficiency Quiz in preparation for this assignment. 

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

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

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

Market for Sunscreen

Instructions: Enter your answers as a whole number.

Qd =   bottles

     Qs =  bottles

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

     P =   

     Q =  bottles

The market for ice cream bars on a hot day at the local beach is summarized in the table below.

Market for Ice Cream Bars

Instructions: Enter your answer as a whole number.

Determine whether there is a surplus or a shortage at a price of $1.80 per ice cream bar, and determine the size of the surplus or shortage.

There is a shortage in a market for a product when

Multiple Choice

the current price is lower than the equilibrium price.

quantity demanded is lower than quantity supplied.

demand is less than supply.

supply is less than demand.

Assume that the graphs show a competitive market for the product stated in the question.

Select the graph above that best shows the change in the market for leather coats when leather coats become more fashionable among young consumers.

Multiple Choice

graph (1)

graph (2)

graph (3)

graph (4)

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 but not greater than $2.00 per gallon.

less than $1.50 per gallon.

There is a surplus in a market for a product when

Multiple Choice

quantity demanded is greater than quantity supplied.

demand is less than supply.

quantity demanded is less than quantity supplied.

the current price is lower than the equilibrium price.

Use the following graph for the milk market to answer the question below.

In this market, the equilibrium price is ____ and equilibrium quantity is ___

Multiple Choice

$1.50 per gallon; 30 million gallons.

$1.50 per gallon; 28 million gallons.

$1.00 per gallon; 35 million gallons.

$28 per gallon; 150 million gallons.

In competitive markets, a surplus or shortage will

Multiple Choice

cause changes in the quantities demanded and supplied that tend to intensify the surplus or shortage.

cause changes in the quantities demanded and supplied that tend to eliminate the surplus or shortage.

cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage.

never exist because the markets are always at equilibrium.