3. Given the current market price, do you anticipate that there will be further adjustments in the market for liquor? (6 points)

Complete the sentence below by entering one of the following phrases in the blank space provided:

in the first blank space: can not be certain about any additional | would expect additional | would not expect any additional

in the second blank space: will not change | will increase towards the equilibrium price | will decrease towards the equilibrium price | will have an ambiguous change

in the third blank space: will not change | will increase towards the equilibrium quantity | will decrease towards the equilibrium quantity | will have an ambiguous change

Given the current market price, one changes in the market for liquor. Specifically, the market price and the quantity traded .

4. What are the equilibrium price and the equilibrium quantity? (6 points)

The equilibrium price is $ and the equilibrium quantity is bottles of liquor per month.

Consider the a mid-sized southwestern college town where the demand for liquor is described by the equation Q-1500 - 75P, where is the quantity bottles of liquor per month and P is the price in dollars) for one bottle of liquor. The supply of liquor is described by the equations - SOP - 225 where is the quantity of bottles of or per month Last month, the local government repeated part of its restricting laws on the public consumption and sale of lor. As a result of this change the market for or is iting and the current market price is $16. 1. At the current market price, what is the quantity of liquor traded? (4 points) At the current market price bottles of liquor per month is traded 2. At the current market price is the market in equilibrum? (2 points) Complete the sentence by entering one of the following phrases in the bankace provided: is is not At the current market price, the market In equilibrium 3. Given the current market price, do you anticipate that there will be further adjustments in the market for liquor? (6 points) Complete the sentence below by entering one of the following phrases in the blank space provided: in the first blank spacer can not be certain about any additional I would expect additional would not expect any additional in the second blank space will not change will increase towards the equilibrium price will decrease towards the equilibrium price will have a ambiguous change in the third blank spon will not change will increase towards the equilibrium quantity will decrease towards the equilibrium quantity will have an ambiguous change Given the current market price, one changes in the market for liquor Specifically, the market price and quantity traded 4. What are the equilibrium price and the equilibrium quantity (6 points) The equilibrium price and the equibrium quantity bottles of liquor per month Consider that about three weeks after the repeal went into effect, more ellers entered the liquor market and at the same time, health officials reported a sudden surge in the number of new alcohol poisoning among college students 5. Given these observations, what market outcome would one observe in the market for liquor (4 points) Complete the sentence by entering one of the wing phrases in each of the bank space provided. A hose can be used more than once decrease increase I have an ambiguous change not change and the market supply did As a result, one should observe the Given these observations, one can say that the market demand did equorum price to and the equilibrium quantity to