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Assignment 3 1. Which of the pursuance statements is true of any food marketplace? a) in that location must be a subjunction of the accompaniment plainly not of necessity a ask for the item. b) Demand and tot are always equal for an item. c) The fundamental interaction of fill and supply determines the scathe and measure in that market. d) in that respect must be a direct for the item but not necessarily a supply of the item. e) The market will always be in equilibrium. 2. If a fall in the demand for intersection point X causes the demand curve for product Y to dismissal to the right, then X and Y are most apt(predicate) to be which of the pastime? a) Cars and throttle b) Knives and forks c) Butter and margarine d) Tennis balls and tennis rackets e) berth and laces [pic] 3. In the figure above, if expenditure were fixed at P1, which of the spare-time activity is fancied? a) Prices wou ld tend to rise. b) There would be a shortage. c) There would be an unneeded bar supplied of Q5 Q1. d) There would be an excess measure demanded of Q5 Q1. e) There would be a disequilibrium. 4. The law of supply a) asserts that as the price of a good or service rises, the demand curve shifts inward. b) while valid, is almost always ignored in a market-based economy.

c) asserts that as the price of a good or service rises, the quantity supplied rises. d) has very little to do with how prices in a market-based economy are determined. e) asserts that as the price of a good or service rises, the quantity supplied declines. 5. If price is at a lower place equilibrium, a! ) demand will increase. b) demand is too low for equilibrium. c) quantity demanded exceeds quantity supplied, and a shortage exists. d) quantity supplied exceeds quantity demanded, and a shortage exists. e) the income and substitution effects will cause the price to rise. 6. If both supply and demand for a good increase, which of the following will definitely happen? a)...If you want to get a full essay, order it on our website: OrderEssay.net

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