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Author Question: Using the above figure, suppose there is a decrease in the number of suppliers. Then A) the ... (Read 72 times)

newyorker26

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on: Jun 29, 2018
Using the above figure, suppose there is a decrease in the number of suppliers. Then
 
  A) the equilibrium price will decrease below 25 per dozen roses.
  B) we cannot predict what will happen to equilibrium quantity.
  C) the equilibrium quantity will decrease below 10 dozen roses.
  D) both the equilibrium price and quantity will increase.

Question 2

The price elasticity of demand for movies is approximately 1 and 500,000 tickets are sold per day. If the average price of a movie ticket increases by 20 percent, the number of tickets sold each day decreases to ________.
 
  A) 400,000
  B) 300,000
  C) 420,000
  D) 475,000


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hugthug12

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

A


newyorker26

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mammy1697

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

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