O Points Show Graph Suppose That Demand For Orange Juice Increases And At The Same Time Supply Of Oranges Decreases 1 (71.5 KiB) Viewed 41 times
O points (SHOW GRAPH) Suppose that demand for orange juice increases and, at the same time, supply of oranges decreases. What would happen in the market for orange? Equilibrium quantity would increase, but price may increase or decrease. Equilibrium quantity would decrease, but price may increase or decrease. Equilibrium price would decrease, but quantity may increase or decrease. Equilibrium price would increase, but quantity may increase or decrease. Clear selection
O points (SHOW WORKINGS) Talha, Katrina and Farzana purchase a ticket each to the latest Bollywood movie for $10. Talha’s willingness to pay was $20, Katrina's was $15, and Farzana's was $10. For the three consumers together, consumer surplus amounts to $30 $15 O $10 O $20
O points (SHOW WORKINGS) Suppose the demand for a commodity X is represented by the equation P = 10 -0.2Q and the supply by the equation P = 2 + 0.2Q. The equilibrium price and quantity would be: = 6 and 20 respectively. 7 and 30 respectively. 2 and 10 respectively. 4 and 30 respectively.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!