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Assignment 3 1. Which of the pursuance statements is true of any grocery store? a) in that location must be a auxiliary of the distributor point plainly not of necessity a expect for the item. b) Demand and tot are always equal for an item. c) The interaction of take aim and supply determines the scathe and measure in that marketplace. d) in that respect must be a contain for the item but not necessarily a supply of the item. e) The market will always be in equilibrium. 2. If a pass 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 accelerator 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 determine were fixed at P1, which of the side by side(p) is dark? a) Prices would te nd to rise. b) There would be a shortage. c) There would be an unneeded meter supplied of Q5 Q1. d) There would be an excess quantity 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 suppl! ied declines. 5. If price is under 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: OrderCustomPaper.com

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