Author: Anonymous

Consider the supply and demand curves depicted in the diagram above. If the government imposed a price ceiling of $15, then sellers will be willing to sell ___, and a black market could develop where the price would be ____.

Answer the question based on the following supply and demand schedules in units per week for a product. Price Quantity Demanded Quantity Supplied $ 60 100 400 50 140 340 40 180 280 30 220 220 20 260 160 10 300 100 If the government introduced a guaranteed price floor of $40 and agreed to purchase surplus output, then the government’s total support payments to producers would be

If a price ceiling is set below the equilibrium price in a market,

Refer to the four graphs above. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed.

What combination of changes would most likely decrease the equilibrium price?

Macroeconomics can best be described as the

Refer to the above graph, which shows the market for bicycles. S1 and D1 are the original supply and demand curves. D2 and D3 and S2 and S3 are possible new demand and supply curves. Starting from the initial equilibrium (point 1), which point on the graph is most likely to be the new equilibrium after the introduction of technological improvements in bicycle production and successful publicity campaigns by the government on the virtues of bicycling to work?

An increase in demand for oil along with a simultaneous increase in supply of oil will

Remember to submit your scratch paper to the next assignment now.  It is due immediately after your test.   Remember that many problems need to be manually graded by the instructor, so the score you see is not your final score.   Time to go relax!

EXTRA CREDIT #2 – Always try to answer these extra credit questions! 3 points. Describe how you applied the information you learned about Anxiety, Trauma-, and Stressor-Related Disorders; Obsessive-Compulsive and Impulse Control Disorders, and/or Bipolar and Depressive Disorders to your real life.