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Unit 3A Quiz 1

Unit 3A Quiz 1

Q Question 1 1 / 1 pts Table 4-7 Price Quantity Demanded Quantity Supplied $10 10 60 $8 20 45 $6 30 30 $4 40 15 $2 50 0 Refer to Table 4-7. The equilibrium price and quantity, respectively, are Question 2 1 / 1 pts Table 4-7 Price Quantity Demanded Quantity Supplied $10 10 60 $8 20 45 $6 30 30 $4 40 15 $2 50 0 Refer to Table 4-7. If the price were $8, a Question 3 1 / 1 pts Table 4-7 Price Quantity Demanded Quantity Supplied $10 10 60 $8 20 45 $6 30 30 $4 40 15 $2 50 0 Refer to Table 4-7. If the price were $4, a Question 4 1 / 1 pts Table 4-8 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: Price Quantity Demanded by Members Quantity Demanded by Non-members Quantity Supplied $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600 Refer to Table 4-8. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? Question 5 1 / 1 pts Table 4-8 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: Price Quantity Demanded by Members Quantity Demanded by Non-members Quantity Supplied $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600 Refer to Table 4-8. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price?

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1 $6 and 30 units. 2 surplus of 25 units would exist, and price would tend to fall.