In the market for smartphones, two things are happening simultaneously. First, factory workers go on strike. Secondly, due to highly successful advertising campaigns, more people want smartphones. If the influence of the advertising campaign is greater, what will the effect be on the equilibrium price and equilibrium quantity?

An inferior good has

In the market for fish, there are four suppliers. If the price is R50 per fish, John’s Fisheries will supply 120 fishes. If the price is R50, Snoek Kings will not produce any fish, but it will produce 230 fishes if the price is R60 per fish. The Boat will produce 356 fishes for a price of R50 and Sardine Runners will produce 54 fishes if the price is R50 per fish. What is the market supply of fish at a price of R50 per fish?

Consumer surplus is the difference between the