Lesson 3 problem sets

What is the equilibrium price?

• $14

• $13

• $4

• $16

What is the equilibrium quantity?

• 1

• 10

• 18

• 12

What is the quantity demanded at a price of $6

• 9

• 10

• 12

• 18

What is the quantity supplied at a price of 9

• 3

• 4

• 7

• 5

At a price of 18, is there a shortage or a surplus

• Neither

• Shortage

• Surplus

What is the size of the shortage or surplus at a price of 7

• 12

• 11

• 14

• 10

If the price is 8 "what will happen to price as the market adjusts to equilibrium" Price will ____

• Increase

• Decrease

• Stay the same

Suppose a new production technology increases the supply of basketballs by 4 units at every possible price. What is the new equilibrium price of basketballs

• 12

• 11

• 14

• 21

Suppose that the price of gym memberships (a complement to basketballs) decreases, and the demand for basketballs increases by 4 units at every possible price. What is the new equilibrium price of basketballs

• 16

• 15

• 18

• 12