1 If a technology company introduces a new gadget to the mar

1) If a technology company introduces a new gadget to the market which creates long lines of eager customers at stores, what is true about this market? a) Supply exceeds demand and a shortage occurs. b) Supply exceeds demand and a surplus occurs O c) Demand exceeds supply and a shortage occurs. Od) Demand exceeds supply and a surplus occurs. Submit You currently have 0 submissions for this question. Only 10 submission are allowed. You can make 10 more submissions for this question (Survey Question) 2) Please provide your rationale for your answer to the previous question. Submit You currently have O submissions for this question. Only 10 submission are allowed You can make 10 more submissions for this question 3) Suppose that an especially harsh storm blankets a town in snow all winter. What would happen in the market for snow-clearing services? O a) The supply of snow-clearing services would increase, causing prices to rise b) The supply of snow-clearing services would decrease, causing prices to rise. O c) The demand for snow-clearing services would increase, causing prices to rise. d) The demand for snow-clearing services would increase, causing prices to fall. Submit You currently have O submissions for this question. Only 10 submission are allowed You can make 10 more submissions for this question.

Solution

1.

Option c is correct. The long line of consumer means that there is a high demand and there is a shortage in the market.

3.

C. The demand will increase and there will be a rise in price as there will be a right shift in demand curve and supply is same.

5.

A. The supply will increase as input cost has decreasesd and this will decrease the prices. A right shift in supply