Chapter 3: Q. 2- Critical Thinking Questions (page 69)
What direction might the supply of breakfast cereals have shifted to help explain why the market prices of these cereals have not changed very much during the past few years?
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Understand how the interaction of demand
and supply determines the equilibrium
price and quantity
Suppose that in a recent market period,the following relationship existed between the price of
tablet devices and the quantity supplied and quantity demanded.
Graph the supply and demand curves for tablet
devices using the information in the table.What are
the equilibrium price and quantity?If the industry
price is$340,is there a shortage or surplus of tablet
devices?How much is the shortage or surplus?
In Fig 3-2, the current position of the demand curve is D1, and the price of a portable power bank is $3. If there is an increase in the price of tablet devices that are complements to portable power banks, will the demand curve shift to D2 or to D3? What is the change in the amount of portable power banks demanded?
Explain the law of demand
How could laws that ban tips causeareduction in the quality of the delivery
of services?
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