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Bizhelp
Bizhelp, CPA
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Experience:  Bachelors Degree and CPA with Accounting work experience
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21.A ceiling price in a competitive market will result in persistent

Customer Question

21.A ceiling price in a competitive market will result in persistent surpluses of a product.
Answer True
False

22.With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will:
Answer

increase equilibrium price and quantity if the product is a normal good.

decrease equilibrium price and quantity if the product is a normal good.

have no effect on equilibrium price and quantity.

reduce the quantity demanded, but not shift the demand curve.

23.
(Advanced analysis) Answer the next question(s) on the basis of the following information. The demand for commodity X is represented by the equation P = 10 Picture 0.2Q and supply by the equation P = 2 + 0.2Q.

Refer to the above information. If demand changed from P = 10 Picture .2Q to P = 7 Picture .3Q, the new equilibrium quantity is:
Answer

10.

20.

15.

30.
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.
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