Question 15 Suppose the graph above represents the market for college education and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if several new...

Extracted text: Question 15 Suppose the graph above represents the market for college education and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if several new colleges are opened in the area? Price E •D B Quantity O Point E O Point D O Point C O Point A O Point B Question 16 Suppose the graph above represents the market for coffee mugs and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if the price of coffee went up dramatically? Price E X. D B Quantity O Point B O Point D O Point E O Point A O Point C


Extracted text: Question 17 Which one of the following is an example of scarcity, as defined in the text? O You cannot afford basic health care. O Not enough space is available in shelters for homeless people. O You cannot afford both a new stereo and a new air conditioner. O Adrought reduces the supply of wheat O You go to see a new movie but all tickets are sold out. Question 18 Which one of the following is an example of inadequacy, as defined in the text? O Adrought reduces the supply of wheat You cannot afford a new sports car. O You cannot afford basic health care People wait outside a ticket booth for tickets to a concert. O The government sets a price floor for wheat prices.