Wednesday, November 3rd, 2009

Supply, Demand, and Price Controls Study Guide
Use the following supply and demand schedules for bicycles to answer the questions below.
Price                            Quantity Demanded                              Quantity Supplied
300                                          60                                                        30
400                                          55                                                        40
500                                          50                                                        50
600                                          45                                                        60
700                                          40                                                        70
800                                          35                                                        80
In response to lobbying by the Bicycle Riders Association, Congress places a price ceiling of $700 on bicycles.  What [...]

Read Full Post »