Samantha runs a small business selling birthday cakes. She gets an order for 10

Question

Samantha runs a small business selling birthday cakes. She gets an order for 10 cakes due next week. She decides to hire an assistant to help her bake the 10 cakes. Samantha's need for an assistant It an example of derived supply derived demand the law of demand a nonprice determinant of demand a nonprice determinant of supply A bike shop In a small town has received a shipment of 10 new bicycles. The shop offers the bikes for sale at a price of $300 each. At this price, however, there are only two people in town who are willing to buy a bicycle. This situation can be described as disequilibrium shortage surplus equilibrium both a and c are correct At the end of a hot day. ten people want to buy a glass of lemonade. However, the local lemonade stand only has five glasses of lemonade left The lemonade stand operator sells the remaining five glasses to the five people who are willing and able to pay the most. This Is an example of surplus rationing by price the signaling function of markets a shift in the demand curve a lottery Which of the following is an example of a price celling? A group of producers form a carte A young woman realizes she cannot get a promotion at her job unless she gets another degree. A group of sellers agree among themselves that they will not sell their product below a certain price. Nobody is allowed to charge more than $5 per bag of corn. None of the above.

Explanation / Answer

8. B. Derived Demand 9. E. both a and c are correct 10. B. Rationing by Price 11. D. Nobody is allowed to charge more than $5 per bag of corn

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