Use the following to answer questions 24-28: Price S, So F- Do 01 A B C Quantity

Question

Use the following to answer questions 24-28: Price S, So F- Do 01 A B C Quantity Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. If the initial demand and supply curves are Do and So. equilibrium price and quantity will be: 24. Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. Given Do, if the supply curve moved from So to S1, then: 25. 26. Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. If supply is S1 and demand Do then

Explanation / Answer

Answer : 24) According to the diagram equilibrium price is F and equilibrium quantity is C when demand curve is D0 and supply curve is S0 .

25) When demand curve is D0 and new supply curve is S1 then the equilibrium condition occur at point H where G is the equilibrium price.

26) According to diagram when supply is S1and demand is D0 then equilibrium condition occur at point H and equilibrium price is G.

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