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Author Question: The following diagram shows the market for a particular product.Which of the following statements is TRUE? (Read 68 times)

leilurhhh

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on: May 25, 2020

Question 1

If the market price is below equilibrium then
◦ there in excess demand.
◦ the demand curve will shift to the right.
◦ the supply curve will shift to the right.
◦ there is excess supply.

Question 2

The following diagram shows the market for a particular product.



Which of the following statements is TRUE?
◦ If both supply and demand reduce by 5 million litres per day, the equilibrium price will be £80 per litre.
◦ Equilibrium price is 30.
◦ If price is currently at £110 per litre, there is a surplus of 5 million litres per day.
◦ If supply increases by 5 million litres per day at all prices, the new equilibrium price will be £50 per litre.
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by leilurhhh on May 25, 2020

jomama

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Reply #1 on: May 25, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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leilurhhh

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Reply 2 on: May 25, 2020
Thanks for the timely response, appreciate it

brbarasa

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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