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Explain how excise tax, value added taxes,
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- Create at least one graph that shows the demand curve, the supply curve, shifts in demand and/or supply curve, changes in equilibrium quantity and equilibrium price, price ceilings and/or price floors. You don’t need to look for any statistical data regarding quantities or prices for the product.Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price, and quantity.P 15 11 8 5 A IB CID E 7 FIG 15 30 S Suppose that a price ceiling is set at $8 in the market in the graph shown. Which statement is not true?
- Draw the supply and demand graph in equilibrium for a single market. Identify the equilibrium price and quantity. Make sure to label the axis as well as the curves.If the price of a product decreases, we would expect demand to increase. quantity supplied to decrease. supply to decrease. quantity supplied to increase.What effect do supply and demand have on the price of a good or service? How do the costs of doing business affect prices? How does the market structure affect the price of a good or service?
- If a farmer has a shortage of pumpkins, but the demand stays the same, what happens to the price of the pumpkins? The price is regulated by the government. The price stays the same. The price increases. The price decreases.An increase in supply and a decrease in demand occur in a market. What happens to the equilibrium price and quantity?a shortage in the market. equilibrium in the market. a surplus in the market. no sellers in the market.