Multiple Choice
What would happen to the equilibrium price and quantity of golf club memberships if the price of landscaping and grass maintenance fell, the price of golf clubs fell, more golf courses decided to offer memberships, and health officials announced that playing golf was good for you?
A) price will fall and the effect on quantity is ambiguous
B) price will rise and the effect on quantity is ambiguous
C) quantity will fall and the effect on price is ambiguous
D) quantity will rise and the effect on price is ambiguous
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Market demand is given as Qd =
Q2: What happens in a competitive market?<br>A) There
Q3: What is the relationship between price and
Q5: When we move up or down a
Q7: Figure 4-5 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 4-5
Q8: Market demand is given as Qd =150
Q9: Figure 4-6 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 4-6
Q10: Surpluses drive price up, while shortages drive
Q10: Figure 4-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 4-2
Q11: Which of the following would be most