Figure 1 shows the market for lobster. The vertical axis shows the price (in $) of lobster per pound and the horizontal axis, quantity (in '000' pound) per month. [Please review slide (no: 6-9) '05. Market equilibrium F19' in Demand, supply, market equilibrium folder.] Figure 1: market for lobster $16.99 Supply $15.99 $14.99 $13.99 Price (in $) per pound $12.99 $11.99 $10.99 Demand $9.99 10 11 12 13 14 15 16 17 Quantity (in '000' pounds) per month According to figure 1, market equilibrium is found at: a price of $11.99 and a quantity of 14. a price of $12.99 and a quantity of 14. a price of $12.99 and a quantity of 13. a price of $13.99 and a quantity of 12.Figure 1 shows the market for lobster. The vertical axis shows the price (in $) of lobster per pound and the horizontal axis, quantity (in '000' pound) per month. At what price there is excess demand in the market? How much is the excess demand? [Please review slide (no: 6-9) '05. Market equilibrium F19' in Demand, supply, market equilibrium folder.] Calculated excess demand as: quantity demanded - quantity supplied. Figure 1: market for lobster $16.99 Supply $15.99 $14.99 $13.99 Price (in $) per pound $12.99 $11.99 $10.99 Demand $9.99 10 11 12 13 14 15 16 17 Quantity (in '000' pounds) per month at price $11.99; excess demand: 2. at price $12.99; excess demand: 12 at price $12.99; excess demand: 14 . at price $13.99; excess demand: -2.After Thanksgiving holiday, major hotel chains offer big discount. Identify whether demand for or quantity demanded of hotels increases or decreases. Demand for hotel increases. Quantity demanded for hotel increases. Demand for hotel decreases. Quantity demanded for hotel decreases.Figure 1 illustrates four panels. Initial demand and supply curves are D1 and $1 respectively (assuming that the market is initially in equilibrium at the intersection of D1 and $1). D2 and $2 represent demand and supply curves after a change. If wine and beer are substitutes in consumption, the increase in price of wine would change the market for beer. Which panel in figure 1 shows the effect of increase in wine price on the market price of beer? Does demand for shrimp or supply of beer change? Figure 1 Price Panel 1 $2 Price Panel 2 $1 D2 D1 D1 (A) Quantity (B) Quantity Price Price Panel 3 Panel 4 $1 $2 $1 D1 D2 D1 (C) Quantity (D) Quantity Panel 1 shows the effect of increase in wine price on the market for beer. Supply of beer increases shown by shift of supply curve to the left. Panel 3 shows the effect of wine price on market for market for beer. Supply of beer decreases shown by the shift of supply curve to the right. Panel 2 shows the effect of wine price on market for beer. Demand for beer increases shown by the shift of demand curve to the right. Panel 4 shows the effect of wine price on market for beer. Demand for beer increases shown by the shift of demand curve to the right.If the number of people driving SUVs increases, the demand curve of SUVs is likely to shift to the O left O right O nowhereFigure 1 illustrates four panels. Initial demand and supply curves are D1 and $1 respectively (assuming that the market is initially in equilibrium at the intersection of D1 and $1). D2 and $2 represent demand and supply curves after a change. Suppose an oil spill in the Mexican gulf, a major producer of shrimp, affects the market for shrimp. Which panel in figure 1 shows the effect of an oil spill on market price of shrimp? Does demand for shrimp or supply of shrimp change? Figure 1 Price Panel 1 $2 Price Panel 2 $1 D2 D1 D1 (A) Quantity (B) Quantity Price Price Panel 3 Panel 4 $1 $2 $1 D1 D1 (C) Quantity (D) Quantity Panel 1 shows the effect of oil spill on market for shrimp. Supply of shrimp increases. Panel 2 shows the effect of oil spill on market for shrimp. Demand of shrimp increases. Panel 1 shows the effect of oil spill on market for shrimp. Supply of shrimp decreases. Panel 3 shows the effect of oil spill on market for shrimp. Supply of shrimp increases.Citrus greening disease has been discriminating Floridian orange harvestforthe last few years. Identify whether supply or quantity supplied of Florida orange increases or decreases, oeteris paribus. 0 Quantity supplied for orange increases. 0 Supply of {range increases. 0 Quantity supplied of orange decreases. 0 Supply of orange decreases. More people prefer to travel during Thanksgiving holiday. Identify whether demand for or quantity demanded of hotels increases or decreases. Demand for hotel increases. Quantity demanded for hotel increases. Demand for hotel decreases. Quantity demanded for hotel decreases.International festival in Raleigh brings lot of visitors in the downtown. Consequently, demand for restaurant meals, gas is likely to O increase. O decrease. O stay the same. O decrease their prices.The law of demand can be stated as: Market for lobster qual, quantity demanded rises as income rises. all else equal, quantity demanded rises as price falls. O all else equal, quantity demanded rises as price rises.Costs of refining gasoline increases. Identify whether supply or quantity supplied of gasoline increases or decreases. Quantity supplied for gasoline increases. Supply of gasoline increases. Quantity supplied of gasoline decreases. O Supply of gasoline decreases.If you as a consumer expect that the price of winter clothing is about to decrease, then your demand for spring clothing today would increase decrease OO not changeIf the number of people driving SUVs increases, the demand of gasoline is likely to O increase O decrease O stay the same.A new grocery store named "WEGMENS' is being opened in Cary, NC. The store is expected to recruit 475 employees. As a result, which of the following is likely to happen in the local areas adjusting to wegmans? O Increase in demand for groceries in competing stores. O increase in demand for apartments locating near the stores. decrease in demand for apartments near the store. OO supply of groceries in the competing stores is likely to increase.Number of people driving Tesla increases. Identify whether demand for or quantity demanded of Tesla increases or decreases. Demand for Tesla increases. Quantity demanded for Tesla increases. Demand for Tesla decreases. Quantity demanded for Tesla decreases.Quantity demanded for a product or service refers to: the quantity or the amount of a good or service a buyers want to buy at each price. O buyers' ability and willingness to buy a product or service. O buyers' willingness to buy a product or service. O buyers' ability to buy a product.Number of people driving electric vehicles increase. Identify whether demand for or quantity demanded of gas vehicles increases or decreases ceteris paribus. Demand for gas vehicles increases. Quantity demanded for gas vehicles increases. Demand for gas vehicles decreases. Quantity demanded for gas vehicles decreases.Increase in the costs of refining gasoline would shfit the O demand curve for gasoline shifts to the left demand curve for gasoline shifts to the right O supply curve of gasoline shifts to the right O supply curve of gasoline shifts to the leftSuppose U.S. computer industry experiences a major increase in productivity. The increase in productivity is likely to (select all that apply) O increase the demand for computers. O decrease in the demand for computers. O increase in the supply of computers. decrease in prices of computers. O increase in prices of computers. decrease in supply of computers