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10 65 A 4 W Price (per bushel) :Book N 6 8 10 12 14 16 18 20 Bushels of Corn (thousands per week) Refer to the above diagram of the market for com. If the price in this market is $3 per bushel, then there will be Multiple Choice O equilibrium In the market. O a shortage of 8 thousand bushels. O a surplus of 8 thousand bushels. O a surplus of 4 thousand bushels.Which of the following statements is correct? 11 Multiple Choice BBOOK O If supply Increases and demand decreases, equilibrium price will fall. O If demand Increases and supply decreases. equilibrium price will fall. O If demand decreases and supply increases, equilibrium price will rise. O If supply decreases and demand remains constant, equilibrium price will fall. O If supply Increases and demand remains constant, equilibrium price will rise.12 (1) (2) (3) (4) (5) Qd Qd Price Q5 Qs 30 40 $ 10 70 80 40 50 9 60 70 50 60 8 50 60 60 70 7 40 50 30 eBook 70 80 6 40 Refer to the table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4). equilibrium price and quantity will be Multiple Choice O $8 and 50 units. O $6 and 50 units. O $10 and 40 units. O $9 and 60 units. O $8 and 60 units.13 Minimum Actual Price Acceptable (Equilibrium Producer Price Price) A $ 6 $ 13 B 7 13 C 9 13 D 11 13 eBOOK E 13 13 Refer to the provided table. The surplus for Producer A is Multiple Choice O $7. O $4. O $6 O $13. O $19.14 Answer the question based on the given supply and demand data for wheat. Bushels Demanded Price Per Bushels Supplied Per Month Bushel Per Month 45 $ 5 45 50 4 42 56 3 39 eBOOK 61 2 36 67 1 33 Equilibrium price in this market is Multiple Choice O $5. O $4. O $3. O $215 Quantity Demanded Per Quantity Supplied Per Price Per Unit Year Year $ 5 2, 000 10 1, 800 300 15 1, 600 600 20 1, 400 900 EBOOK 25 1, 200 1, 200 30 1, 090 1, 500 Refer to the above table. A shortage of 2,000 units will occur when the price is Multiple Choice O $5. O $10 O $25. O $20. O $30.16 In the following question you are asked to determine, other things equal. the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of. X: (2) the equilibrium price (P) of X: and (3) the equilibrium quantity (Q) of X. If X is a normal good an increase in income will Multiple Choice BOOK O Increase D, Increase P. and Increase Q. O Increase S. Increase P. and Increase Q. O decrease S, Increase P, and Increase Q. O decrease D. decrease P, and Increase Q.6 In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of. X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (@) of X. A reduction in the number of firms producing X will Multiple Choice BOO O decrease S, Increase P. and decrease Q O Increase D. Increase P. and Increase Q. O Increase S. Increase P. and increase Q. O decrease S. decrease P, and Increase Q. O shift S right with no change In P and Q.Assume that there are four consumers A, B. C. and D. and the prices that each of them is willing to pay for a glass of lemonade is, respectively. $2.50. $2.25. $2.00, and $1.75. If the actual price of lemonade is $1.25 per glass, then consumer surplus in this market will be 7 Multiple Choice eBook O $1.00. O $3.50. O $3.00. O $4.50. O $1.25.In the market for a particular pair of shoes, Geri is willing to pay $50 for a pair, while Jane is willing to pay $55 for a pair. The actual price that each has to pay for a pair of these shoes is $40. What is the total amount of the two women's combined consumer surplus? 8 Multiple Choice eBook O $5 O more than $95 O $10 O $25 O $1059 $2.00 D $1.50 Price (per gallon) eBook $1.00 0 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for the milk market. If the price were $2 00 per gallon, then there would be Multiple Choice O a shortage of 20 million gallons. O a shortage of 10 million gallons. O a surplus of 10 million gallons. O a surplus of 30 million gallons