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Bizhelp, CPA
Category: Homework
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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.
False

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

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:

10.

20.

15.

30.
Submitted: 4 years ago.
Category: Homework
Expert:  Bizhelp replied 4 years ago.

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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5882
Experience: Bachelors Degree and CPA with Accounting work experience

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