chapter 3 microeconomics

Short Answer Questions chapter 3 microeconomics 1. What evidence can be used to support the following statement? "Tickets to the World Series and the Super Bowl do not sell at their equilibrium prices." 2. In response to a surplus, a firm will lower a product's price until the quantity supplied equals quantity demanded. But prices of some goods will fall more quickly than others. What type of good would a firm lower the price of quickly in response to a surplus? 3. Explain the difference between a shortage and scarcity. CHAPTER 3 | Where Prices Come From: The Interaction of Demand and Supply @2010 Pearson Education, Inc. Publishing as Prentice Hall 76 4 . During 2009 there were over 100,000 people on waiting lists for kidney, lung, and other organ transplant operations. By law, organ donors and their families in the United States may not be paid for the donated organs. If payments for organ donations were made legal in the United States, would this affect the demand or the quantity demanded for organ transplants? 5. The demand for health care in the United States is expected to rise throughout the first part of the twenty-first century. Which of the variables that influence market demand is most responsible for this expected increase