Title: The following diagram shows the market for a particular product traded within a country and not ...
Post by: lizsmith on May 19, 2020
The following diagram shows the market for a particular product traded within a country and not imported or exported.
Which one of the following statements is FALSE?
▸ At a price of £7, there would be a shortage of 20 000 tonnes per annum.
▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium price would rise to £6.
▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium quantity would rise by 5000 tonnes per month.
▸ Equilibrium price is £5.
Which one of the following statements is FALSE?
▸ At a price of £7, there would be a shortage of 20 000 tonnes per annum.
▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium price would rise to £6.
▸ If demand increased by 10 000 tonnes per annum at each price, equilibrium quantity would rise by 5000 tonnes per month.
▸ Equilibrium price is £5.
Title: The following diagram shows the market for a particular product traded within a country and not ...
Post by: n00835996 on May 19, 2020
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