This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The following diagram shows the market for a particular product.Which of the following statements is TRUE? (Read 56 times)

leilurhhh

  • Hero Member
  • *****
  • Posts: 560
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by leilurhhh on May 25, 2020

jomama

  • Sr. Member
  • ****
  • Posts: 346
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.
Answer Preview
Only 29% of students answer this correctly


leilurhhh

  • Member
  • Posts: 560
Reply 2 on: May 25, 2020
YES! Correct, THANKS for helping me on my review

nanny

  • Member
  • Posts: 313
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th
Krebs Cycle Diagram Krebs Cycle Diagram
Schematic diagram showing polyclonal response by B cells against linear epitopes. Schematic diagram showing polyclonal response by B cells against linear epitopes.
Diagram of a cell membrane. The cell membrane is a double layer of phospholipid molecules with ... Diagram of a cell membrane. The cell membrane is a double layer of phospholipid molecules with ...
Diagram showing the sites of action of different antihypertensive drugs. Diagram showing the sites of action of different antihypertensive drugs.
Venn diagram representation of 17,067 medium and large clusters of protein Venn diagram representation of 17,067 medium and large clusters of protein
Video: Four Giant Convection Cells oF Earth

For a complete list of videos, visit our video library