Refer to Figure 4-7 which shows the market for vitamins. Suppose the government imposes a price ceiling of Pv. Which of the following is true regarding how this price ceiling will affect the quantity supplied, quantity demanded, and quantity exchanged?

  Table 3-2 Caviar Price per oz. (dollars) Ari’s Quantity Demanded (oz.) Sonia’s Quantity Demanded (oz.) Rest of Market Quantity Demanded (oz.) Market Quantity Demanded (oz.) $75 6 0 46 65 18 6 64 55 28 14 136 45 36 24 170 35 44 36 220 Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar rises from $65 to $75, the market quantity demanded would

If a increase in income leads to a decrease in the demand for sushi, then sushi is

Suppose a decrease in the supply of bottled water results in a decrease in revenue. Hint: use a supply-and-demand diagram, showing a decrease in supply, to help you. This indicates that

Figure: Chase Rice Concert TicketsRefer to Figure: Chase Rice Concert Tickets. If the price is $10

Figure 3-7 Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for limo rides and that limo rides and helicopter rides are substitutes. What panel describes what happens in this market when the price of helicopter rides rises?

Which of the following is most likely to have the most price inelastic demand?

Use the graph below to answer the following question. Between point A and B, price elasticity of demand is 

Max rescues dogs from her local animal shelter. When Max’s income rises by 7 percent, his quantity demanded of off-brand dog biscuits decreases by 12 percent. For Max, the income elasticity of demand for dog biscuits is

Suppose that when the price of strawberries decreases, Simone increases her purchase of whipped cream. To Simone