Vik tutor has a question in SAT

Assume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the equilibrium quantity is 1000 b

sp2606 [1]

Answer:

(a) Please find attached, the required graph showing the equilibrium price at $50 per barrel

(b) There will be a shortage

(c) Please find attached, the graph showing change in demand due to increased supply from the new oil well

(d) When there is an increase in the price of gasoline operated automobiles, there would be a downward shift in demand while supply would remain constant, and the equilibrium price will decrease

(e) The combined effect will be a further reduction in the price per barrel

Explanation:

The equilibrium price

(a) Please find attached, the required graph

(b) As shown on the graph, in a competitive market, at a price of $40 per barrel, there will be a shortage in the market due to the amount of money available will be more than the total price of the number of barrel for sale, because the equilibrium price at which the amount of money available in the market is equal to the total price of the barrels supplied gives the amount of money people a willing and able to spend on a barrel

(c) If new oil is discovered, the number of barrels supplied will be more than the amount of money available to purchase a barrel and the equilibrium price will drop

(d) When there is an increase in the price of gasoline operated automobiles, there would be a downward shift in demand while supply would remain constant, and the equilibrium price will decrease

(e) If both oil is discovered and there is an increase in the price of as operated vehicles, the result will be a further reduction in the price of a barrel of oil

8 0

3 years ago

One of the most useful generalizations in psychology is that "behavior is adaptive." Explain this generalization and describe ho

iogann1982 [59]

Answer:

The generalization that "behavior is adaptive" is not new. It has been used to describe many psychological processes. The first one is cognitive dissonance. In psychology, cognitive dissonance occurs when a person holds contradictory beliefs, ideas, or values and is typically experienced as psychological stress when they participate in an action against one or more of them. The second one is conformity, the tendency for people to yield to real or imagined social pressure. Displaced aggression is taking aggression out on a person that had nothing to do with the conflict he/she is upset about. The fourth one is in-group bias, which is the act of favoring one's group over other groups, where group membership is defined as an individual's perceived identification with a social group's qualities, goals, or morals. The mere exposure effect is the sixth term. This is a psychological phenomenon by which people tend to prefer things merely because they are familiar with them. This effect is also sometimes classed familiarity principle in social psychology. In psychology, prejudice is the preconceived judgment, opinion, or attitude toward certain people based on their membership in a particular group. It is a set of attitudes, which supports, causes, or justifies discrimination. Social loafing in social psychology is the phenomenon of a person exerting less effort to achieve a goal when they work in a group than when working alone. It is seen as one of the main reasons groups are sometimes less productive than the combined performance of their members working as individuals. These all support the generalization that "behavior is adaptive" because all of them can be considered adaptive.

Explanation:

Please don't plagiarize . Paraphrase before submitting . This is my original work. Sorry if this doesn't help .

7 0

3 years ago

2. What are some important advances or discoveries someone in that field has made astronomy-radio in the last 100 years.3. How d

VLD [36.1K]

A good advancement would be a portable radio. They have made life easier for people who are walking/hiking and are looking for something such as the weather for the night or the score for a sports game.

3 0

3 years ago

The Ray Charles' songs capture the essence of his ability to galvanize the following different musical elements except:

klasskru [66]

E is the correct answer I think

7 0

3 years ago

Hi how is you all wooooo

Brums [2.3K]

Answer:

IAM fine hbu ✌️✌️✌️✌️✌️✌️✌️✌️✌️

8 0

3 years ago

Read 2 more answers