Which of the following is correct when a price is set below a market's equilibrium price?
a. quantity demanded exceeds quantity supplied at the set price
b. quantity demanded is less than quantity supplied at the set price
c. quantity demanded is equal to quantity supplied at the set price
d. at the set price there is a surplus
e. the market price is less than the ceiling price
Question 2
Suppose a market is in equilibrium and then a price ceiling is established below the equilibrium price. Which of the following will happen?
a. quantity demanded will decrease
b. a surplus will develop
c. a shortage will develop
d. the quantity sold will rise
e. the market will remain in equilibrium
Wilson and Simberloff's experiments on the equilibrium model of biogeography.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.