Questions 1-3

Question 1 (1 point) (lecture 4) Market demand is given as Qd - 80 - P. Market supply is given as Qs - 3P. The equilibrium price is & the equilibrium quantity is OP=10; Q=30 OP=20; Q=60 OP-20; Q-50 OP=30; Q=90 Question 2 (1 point) (lecture 4) In the market for inferior goods, when incomes rise, demand Owill fall and demand curve shifts right. will increase and demand curve shifts right. will fall and demand curve shifts left. will increase and demand curve shifts left. Question 3 (1 point) (lecture 4) Refer to the Figure 4-1, Which of the four graphs represents the market for oranges after disease impacts much of the Florida orange harvest? Ograph B Ograph D Ograph A Ograph C