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 29 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
Great answer, keep it coming :)

Dinolord

  • Member
  • Posts: 313
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Sequential decline of whale catches in the Antarctic shows the strong effect of human predators. Sequential decline of whale catches in the Antarctic shows the strong effect of human predators.
Diagram of the general anatomy of a male cat Diagram of the general anatomy of a male cat
Animal Cell Diagram Animal Cell Diagram
Anatomy diagram Anatomy diagram
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
A comparison of a trait (height) that shows discontinuous and continuous phenotypes in different pla A comparison of a trait (height) that shows discontinuous and continuous phenotypes in different pla
Video: Cardiac conductile cells

For a complete list of videos, visit our video library