Title: A decrease in demand with the supply held constant leads to: Post by: drewsy20 on Feb 27, 2018 A decrease in demand with the supply held constant leads to:
a. an increased equilibrium price and an increased equilibrium quantity. b. a decreased equilibrium price and a decreased equilibrium quantity. c. a decreased equilibrium price and an increased equilibrium quantity. d. an increased equilibrium price and a decreased equilibrium quantity. QUESTION 2 Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at 600, but then the college expanded enrollment from 10,000 to 12,000 . Suddenly there is a shortage of rental housing at the prevailing price of 600 . Which of the following is most likely to be true? a. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and more rental units available on the market. b. The shortage occurred because supply increased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand decreased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. d. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and fewer rental units available on the market. QUESTION 3 At the equilibrium price, deadweight loss is minimized. a. True b. False Indicate whether the statement is true or false QUESTION 4 Deadweight loss results from too few or too many resources used in a given market. a. True b. False Indicate whether the statement is true or false QUESTION 5 The deadweight loss equals the consumer surplus minus the producer surplus resulting from a non-equilibrium price. a. True b. False Indicate whether the statement is true or false QUESTION 6 Deadweight loss results from a misallocation of resources. a. True b. False Indicate whether the statement is true or false QUESTION 7 Total producer surplus is the area below the equilibrium price and above the supply curve. a. True b. False Indicate whether the statement is true or false Title: A decrease in demand with the supply held constant leads to: Post by: msginmiami on Feb 27, 2018 Content hidden
Title: A decrease in demand with the supply held constant leads to: Post by: drewsy20 on Feb 27, 2018 Such a godsend, you helped me and my friend big time
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