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Author Question: Which of the following would indicate that price is temporarily above its market equilibrium? A) ... (Read 45 times)

KWilfred

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on: Jul 1, 2018
Which of the following would indicate that price is temporarily above its market equilibrium?
 
  A) There are a number of producers who are left with unwanted inventories.
  B) There are a number of customers who are looking for a good but cannot find sellers.
  C) New firms decide to enter the market.
  D) The government must step in and impose a tax on the good.

Question 2

Explain whether you would expect the elasticity of supply to be highly elastic or inelastic for fresh cut flowers and why.
 
  What will be an ideal response?


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elizabethrperez

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

The elasticity of supply is very inelastic for fresh cut flowers. These flowers are perishable and quickly become worthless. The seller will accept almost any market price.


KWilfred

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

sultana.d

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Reply 3 on: Yesterday
Wow, this really help

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