econ chap 4 part 2

When a rent ceiling is set at​ $900 a​ month, the housing shortage is 300300 apartments a month. When a rent ceiling is set at​ $1,500 a​ month, the housing shortage is 00 apartments a month.

300, 0

The table gives the demand and supply schedules for hamburgershamburgers. What are the equilibrium price and equilibrium quantity in the market for hamburgershamburgers​?

The equilibrium price is ​$ 5 a hamburgerhamburger. The equilibrium quantity is 500 hamburgershamburgers per day.

The graph illustrates the market for tea. The initial equilibrium is at point A. After one or more​ changes, the new equilibrium moves to point B. You predict that the market for tea was influenced by​ _______.

a rise in household income and an increase in the number of plantations

If the government sets a price on dog food that is below the equilibrium​ price, ______.

a shortage of dog food occurs

A minimum wage set above the equilibrium wage rate for​ low-skilled workers​ _______.

creates unemployment among​ low-skilled workers

The price of gasoline increased 15 percent in the past three​ weeks, mainly because of refinery shutdowns in the United States. As motorists increase their driving in the coming​ months, the price is predicted to rise further. When refineries shut​ down, ______ and the price of a gallon of gasoline rises. When motorists increase their driving in the summer​ months, ______ and the price of a gallon of gasoline rises.

he supply of gasoline decreases; the demand for gasoline increases

An increaseAn increase in the demand for ski tripsski trips brings #5

rise; increase

An increaseAn increase in the demand for ricerice brings a​ ______ in the price of ricerice and​ ______ in the quantity of ricerice supplied.

rise​; an increasean increase

Suppose wood plankswood planks is a substitutesubstitute in production of wood beamswood beams. An increaseAn increase in the price of wood plankswood planks will​ ______ the equilibrium price of wood beamswood beams and​ ______ the equilibrium quantity of wood beamswood beams.

​decrease; increase

The table shows the demand and supply schedules for boxes of chocolates on an average week. The price of chocolates is​ $17.00 a box. The quantity supplied​ ______, the quantity demanded ​ ______ and the price​ ______ until the​ ______ is eliminated.

​decreases; increases;​ falls; surplus