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1-Refer to the above diagram for the milk market. There would be a shortage of milk whenever the price is
rev: 02_05_2020_QC_CS-199123
Multiple Choice
more than $2.00 per gallon.
more than $1.50 per gallon.
less than $2.00 per gallon.
less than $1.50 per gallon.

2-In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.
Removing the excise tax on product X will
Multiple Choice
decrease S, decrease P, and increase Q.
increase S, decrease P, and increase Q.
increase D, increase P, and decrease Q.
decrease S, increase P, and increase Q

3-Refer to the above diagram for the milk market. If the price were less than $1.50 per gallon, then there would be
Multiple Choice
no sellers in the market.
a surplus in the market.
a shortage in the market.
equilibrium in the market.

4-Refer to the above graph showing the market for a product. Which of the following would best explain why the shift in demand from D1 to D2 would cause price to rise from P1 to P2?
Multiple Choice
After the shift in the demand, there would be a shortage at price P2.
After the shift in the demand, there would be a surplus at price P1.
After the shift in the demand, there would be a shortage at price P1.
After the shift in the demand, there would be a surplus at price P2.

5-In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.
A reduction in the number of firms producing X will
Multiple Choice
increase D, increase P, and increase Q.
decrease S, decrease P, and increase Q.
increase S, increase P, and increase Q.
decrease S, increase P, and decrease Q.
shift S right with no change in P and Q.

6-Suppose product Z is an input in the production of product X. Product X in turn is a substitute for product Y. An increase in the price of Z can be expected to
Multiple Choice
increase the supply of Y.
have no effect on the demand for product Y.
decrease the supply of Y.
increase the demand for Y.
decrease the demand for Y.

7-Which of the diagrams illustrate(s) the effect of a decline in the price of irrigation equipment on the market for corn?
Multiple Choice
B and C
C only
B only
D only

1Refer to the above diagram for the milk market There would be a shortage of milk whenever the price is rev 02052020QCCS199123 Multiple Choice more than 200 per class=
1Refer to the above diagram for the milk market There would be a shortage of milk whenever the price is rev 02052020QCCS199123 Multiple Choice more than 200 per class=
1Refer to the above diagram for the milk market There would be a shortage of milk whenever the price is rev 02052020QCCS199123 Multiple Choice more than 200 per class=
1Refer to the above diagram for the milk market There would be a shortage of milk whenever the price is rev 02052020QCCS199123 Multiple Choice more than 200 per class=

Respuesta :

There would be a shortage of milk whenever the price is less than $1.50 per gallon.

Thus, the correct option is D.

What is price?

The sum of money required to purchase a specific product. Price is also a measure of value insofar as it reflects what consumers are willing to pay for a product's value.

A price is the sum of money that one party pays or receives in exchange for another's goods or services. The cost of production may go by another name in some circumstances.

In a market economy, resource distribution efficiency is greatly influenced by product prices.

Price serves as a warning sign for shortages and surpluses, enabling businesses and customers to adjust to shifting market conditions. Price will typically increase if a product is in short supply.

Learn more about price, here

https://brainly.com/question/18117910

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