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Chapter 3: 24 (page 78)
Name some factors that can cause a shift in the
supply curve in markets for goods and services.
When a change in some economic factor other than price causes a different quantity to be supplied at every price.
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Does a price ceiling change the equilibrium price?
What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.
Review Figure 3.4. Suppose the government decided that, since gasoline is a necessity, its price should be legally capped at per gallon. What do you anticipate would be the outcome in the gasoline market?
What term would an economist use to describe
what happens when a shopper gets a 鈥済ood deal鈥� on a
product?
Table 3.8 shows the information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands.
a. What is the quantity demanded and the quantity supplied at a price of \(210?
b. At what price is the quantity supplied equal to 48,000?
c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity?
d. If the price was \)120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
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