Complete Table 3.1. Plot the individual and market demand and supply curves using the graph paper...

  

Transcribed Image Text:

Complete Table 3.1. Plot the individual and market demand and supply curves using the graph paper provided (Case #1). Then answer the following questions. Table 3.1 Individual Demand and Supply Schedules. Quantity Demanded By: Ali Kelly Jessie Market 4 0 1 8 2 2 12 4 3 16 6 4 Price 4.00 3.00 2.00 1.00 Quantity Supplied By: Price Andy Maria Jose Market 4.00 15 15 11 3.00 10 11 2.00 7 1.00 3 5 0 9 7 5 1. In Table 3.1, if the price were $4 the market would: (A) Be at equilibrium. (B) Experience a shortage of 7 units. (C) Experience a surplus of 36 units. (D) Experience a surplus of 28 units. 2. In Table 3.1, if the price were $2 the market would: (A) Be at equilibrium. (B) Experience a shortage of 12 units. (C) Experience a surplus of 2 units. (D) Experience a surplus of 25 units. 3. In Table 3.1, if the government held the price at $3: (A) The government would be setting an effective price ceiling. (B) The shortage would be the same as the quantity demanded. (C) There would be a surplus. (D) The market would be in equilibrium. 4. In Table 3.1, the equilibrium market quantity would be: (A) 19 units. (B) 15 units. (C) 25 units. (D) 35 units. 5. In Table 3.1, the equilibrium market price would be: (A) $4. (B) $3. (C) $2. (D) $1. Complete Table 3.1. Plot the individual and market demand and supply curves using the graph paper provided (Case #1). Then answer the following questions. Table 3.1 Individual Demand and Supply Schedules. Quantity Demanded By: Ali Kelly Jessie Market 4 0 1 8 2 2 12 4 3 16 6 4 Price 4.00 3.00 2.00 1.00 Quantity Supplied By: Price Andy Maria Jose Market 4.00 15 15 11 3.00 10 11 2.00 7 1.00 3 5 0 9 7 5 1. In Table 3.1, if the price were $4 the market would: (A) Be at equilibrium. (B) Experience a shortage of 7 units. (C) Experience a surplus of 36 units. (D) Experience a surplus of 28 units. 2. In Table 3.1, if the price were $2 the market would: (A) Be at equilibrium. (B) Experience a shortage of 12 units. (C) Experience a surplus of 2 units. (D) Experience a surplus of 25 units. 3. In Table 3.1, if the government held the price at $3: (A) The government would be setting an effective price ceiling. (B) The shortage would be the same as the quantity demanded. (C) There would be a surplus. (D) The market would be in equilibrium. 4. In Table 3.1, the equilibrium market quantity would be: (A) 19 units. (B) 15 units. (C) 25 units. (D) 35 units. 5. In Table 3.1, the equilibrium market price would be: (A) $4. (B) $3. (C) $2. (D) $1.