Besanko & Braeutigam – Microeconomics, 3 rd edition Solutions Manual Analyzing Economic Problems Solutions to Review Questions. More Besanko And Braeutigam Microeconomics images.

Could consist of both direct and derived demand Ans: d Response: Market demand can consist of direct demand and derived demand. For example, distributors and final consumers may demand corn. Simultaneously, certain producers such as ethanol p roviders and soft drink companies may need corn because of the demand for ethanol and soft drinks. The latter is an example of derived demand. Section: 2.1 Demand, Supply and Market Equilibrium LO: 1 Difficulty: Hard 6. The law of supply indicates that ______.

The quantity demanded exceeds quantity supplied and the price must incr ease to reach the point of market equilibrium Ans: b Response: If there is a surplus (i.e. Excess supply), the quantity supplied is greater than the quantity demanded. Suppliers are unable to sell as much of a product or service as they would like t o and this creates pressure for the price to decrease.

Section: 2.1 Demand, Supply and Market Equilibrium LO: 1 Difficulty: Medium 8. Which of the following does not meet the laws of supply and demand?

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