1. An increase in the cost of material needed to produce cement blocks causes th
ID: 1213833 • Letter: 1
Question
1.An increase in the cost of material needed to produce cement blocks causes the following change in the cement block market:
A.Thedemandcurveforcementblocksshiftstotheright
B.Thesupplycurveofcementblocksshiftstoleft
C.Boththesupplycurveandthedemandcurveshifttotheright
D.Neithercurveshifts
The following table contains data pertaining to the market of mountain bikes. Use the data to answer the following questions
2- The equilibrium price in this market is
A. $ 100
B. $ 200
C. $ 300
D. $ 400
E.Canno tbe determined
3- The equilibrium quantity exchanged in this market is:
A.2000bikes
B.3000bikes
C.4000bikes
D.5000bikes
E.Cannot be determined
The following table contains data pertaining to the market of mountain bikes. Use the data to answer the following questions Price Quantity Supplied (Weekly)Quantity Demanded (Weekly) S 100 1000 $ 2002000 $3003000 $ 4004000 4000 3500 3000 2500 2000 5005000Explanation / Answer
The equilibrium condition is Quantity Supplied (QS) = Quantity Demanded (QD).
This equality is at 3,000 quantities, where the price is $300.
2.
The equilibrium price is $300.
Answer: C
3.
The equilibrium quantity is 3,000 bikes.
Answer: B
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