The Economy and You Answers

Below are the supply and demand equations for umbrellas in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth?

The figure above shows a store’s supply-demand graph for lawn chairs. If the store makes $800 by selling lawn chairs, which of the following is a possible valid price for them?

Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves which were previously worth $8,590, how much value have you lost as a result of this recession, to the nearest cent?

Based on the demand graph and the supply graph shown above, what is the price at the point of equilibrium?

Which of these describes the fundamental conflict of economics?

Say that the economy is in a recession, causing vehicle prices to drop by eight percent. If your car was previously worth $25,295, what is it worth now, to the nearest dollar?

Which of the following terms best applies to a very fast increase in economic output which usually occurs before a peak?

Using the above supply/demand graph, what is the price at the point of equilibrium?

The supply/demand graph for bicycle helmets in a certain market is shown above.Find the price when supply and demand are in equilibrium.

Which of these describes the fundamental conflict of economics?

Below are the demand and supply equations for overhead projectors in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is S at the point of equilibrium, to the nearest whole number?

Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.