Changes

4.  If a grocery store lowers the price for its ripened fruit, the point where the price intersects the demand moves down and to the right, which is an increase in demand.

4.  If a grocery store lowers the price for its ripened fruit, the point where the price intersects the demand moves down and to the right, which is an increase in demand.

5. (a) 600 tickets;  $3,000

5. a) 600 tickets;  $3,000  

 

b)Yes, the tickets will sell out unless you have more than 1000 seats.  Yes, you will have to wait in line because demand exceeds supply.  I would oppose such a law because it doesn’t go along with the free market.   

        (b) Yes, the tickets will sell out unless you have more than 1000 seats.  Yes, you will have to wait in line because demand exceeds supply.  I would oppose such a law because it doesn’t go along with the free market.   

6.  Time isn’t money itself, but you can convert time into money by trading it for your time working.

6.  Time isn’t money itself, but you can convert time into money by trading it for your time working.

7.  Waiting lists develop in those countries because the quantity of demand increases as more people can afford the service.  As the prices go down, fewer people want to provide the service, so there are not enough doctors to treat everyone for the medical services.

7.  Waiting lists develop in those countries because the quantity of demand increases as more people can afford the service.  As the prices go down, fewer people want to provide the service, so there are not enough doctors to treat everyone for the medical services.