Suppose that the quantity supplied of pizza exceeds the quantity demanded for pizza. We would expect that:
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- Suppose that the quantity demanded for cars exceeds the quantity supplied of cars. We would expect that:
- Suppose that the current price in a market for Pizza is $9. At that price, the quantity demanded is 519 and the quantity supplied is 400. In this market, we would expect that:
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________.
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________. A: negative, and pizza is a inferior good B: positive, and pizza is a normal good C: positive, and pizza is an inferior good D: negative, and pizza is an normal good
- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.