M Draf M Inbo Ager Vint DSe | M Sent | Thar & Coss | Vale Exist | s Sho| | Beal Myv| (461 ) City | Quic | Horr | |Mail | logo DEL ( X & Laur |2 Laur | Ord * Cou Myv| Lear + X - -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: Question 4 (6 points) Saved 2 3 -- V Use the graph below to answer the following questions: 6 Price 8 9 Supply $15 -- 10 11 $14 12 V $13 14 15 V $12 $11 $10 Demand 25 75 125 175 225 275 Quantity a) What are the equilibrium price and quantity? b) If a price ceiling of $11 is imposed on this market, will there be a surplus (excess supply), a shortage (excess demand), or will the price ceiling have no effect on the market? c) If a price ceiling of $11 is imposed on this market. find quantity supplied 1 80OF Q Search W P ENG 10:54 AM Mostly sunny US 7/20/2023M Draf M Inbo Ager Vint DSe | M Sent | Thar & Coss Vale Exist | s Sho| | Beal | Myv| (461 ) City | Quic | Horr | |Mail logo DEL ( X & Laur |2 Laur | Ord * Cou Myv| Lear + X - -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: $13 2 ( w -- $12 6 $11 8 9 $10 -- Demand 10 11 12 25 75 125 175 225 275 Quantity V 14 15 a) What are the equilibrium price and quantity? V b) If a price ceiling of $11 is imposed on this market, will there be a surplus (excess supply), a shortage (excess demand), or will the price ceiling have no effect on the market? c) If a price ceiling of $11 is imposed on this market, find quantity supplied d) If a price ceiling of $11 is imposed on this market, find quantity demanded. e) If a price ceiling of $11 is imposed on this market, find the quantity that sellers will be able to sell. (assuming everyone follows the law) f) If a price ceiling of $15 is imposed on this market, will there be a surplus (excess supply), a shortage (excess demand), or will the price ceiling have no effect on the market? (g) Explain your answer to (f). 1 80OF Mostly sunny Q Search ENG 10:54 AM US 7/20/2023M Dra | M Inb | Age | Vin | DS. | M Ser | The | & Cos | Vali | |Exis | s Shc| Be: | My| (46 | @) City | Qu | Hol | 9 Ma | log|DEL X & Lal | 2 Lau | Orc * Col | My | 7 Lez | NIU Em | Wo | w |Do | + X - -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: 2 w -- V Question 5 (3 points) Saved A 6 V (a) State on thing that would cause market supply to increase (cause the supply curve to shift to the right). 8 9 (b) If supply were to increase, would equilibrium price increase or decrease? -- (c) If supply were to increase, would equilibrium quantity increase or decrease? 10 11 12 14 15 V Question 6 (3 points) Saved Firms will react to a shortage (excess demand) by _ prices. Why will they do this? Increase profit 1 80OF ENG 10:56 AM Mostly sunny Q Search US 7/20/2023M Dra | M Inb | Age | Vin | DS. | M Ser | The | & Cos | Vali | |Exis | s Shc | Be: | My| (46 | @ City | Qu | Hol | 9 Ma | log|DEL X & Lal | 2 Lau | Orc * Col | & My | 7 Lez | NOW Em | Wo | w|Do | + X - -> C a https://brightspace.ccc.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=252173&isprv=&drc=0&qi=832583&cfql=0&dnb=0&fromQB=0&inProgress=1 Midterm Exam X Therese Folefac: Attempt 1 Page 1: Question 6 (3 points) Saved 2 ( w Firms will react to a shortage (excess demand) by prices. Why will they do this? A U 6 8 9 -- -- 10 11 12 A V 14 15 V -- Question 7 (4 points) . G A farmer grows a crop that takes 8 months from planting to harvesting. Do you expect the supply of this crop to be elastic or inelastic? Explain. A 1 80OF Q Search ENG 10:57 AM Mostly sunny US 7/20/2023