What price does shortage and surplus occur

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Reference no: EM133733923

Question 1) What is the definition of " opportunity cost" ? Give an example (2 points).

Question 2) Compare the difference between "Change in Supply "and " Change in Quantity Supplied". Discuss the causes and shape of curve.

Question 3) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price?

Question 4) if a decrease in Demand is smaller than a decrease in Supply, what happens to an equilibrium price and output sales?

Question 5) if Coke price goes down, what happens to Pepsi demand? why?

Reference no: EM133733923

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