The price of a gallon of gas moves up and down often. What this means is that, most of the time, the gasoline market is not in equilibrium. When its price goes up, what might be happening to cause this? When the price goes down, what might be happening to cause this?
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- If everyone thinks that the price of gas will go up next week, what is likely to happen to the demand for gasoline today?The government imposes a nationwide lockdown due to pandemic. How would this affect the market and equilibrium price of gasoline?Serious natural disasters like hurricanes and tornadoes cause widespread and extensive damage to buildings. As a result of a natural disaster, what would you expect to happen in the market for building supplies? Describe
- When supply and demand meet at the equilibrium point, then prices in the market willHow a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?Annabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?
- What if buyers in the market were to Decrease?Draw a supply and demand graph for new cars. Show the impact that the 2008-09 recession (with the decrease in consumer income) had on the market for cars. You can show this best by shifting one of the curves. What happens to the price and quantity of new cars?How will the market for melons be affected after Hurricane Dean?