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If demand rises and supply remains the same, equilibrium price will _____ and equilibrium quantity will _____.


A) rise, rise
B) fall, fall
C) rise, fall
D) fall, rise

Correct Answer

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When the demand for a product decreases but the supply of the product remains unchanged,


A) the price of the product will rise and quantity will decrease.
B) the price of the product will be unaffected.
C) the price of the product will fall and quantity will remain the same.
D) the price of the product will fall and the quantity will fall.

Correct Answer

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Use the following figure to answer the question : Use the following figure to answer the question : -Equilibrium price is _____ and equilibrium quantity is _____ units. A) $8, 9 B) $7, 10 C) $6, 10 D) $5, 9 E) $4, 85 -Equilibrium price is _____ and equilibrium quantity is _____ units.


A) $8, 9
B) $7, 10
C) $6, 10
D) $5, 9
E) $4, 85

Correct Answer

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Which of the following would be a method for rationing gasoline?


A) Long gas lines.
B) Use of the price system.
C) Imposing a system where if your license plate ends in an even number, you may only buy gas on an even-numbered date and if your license plate ends in an odd number, you may only buy gas an odd-numbered date.
D) All of the choices.

Correct Answer

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Use the following figure to answer the question : Use the following figure to answer the question : -If demand falls, what happens to equilibrium price and quantity? -If demand falls, what happens to equilibrium price and quantity?

Correct Answer

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Price decl...

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Use the following Table to answer the question : Use the following Table to answer the question : -If the government set a price floor at $8 A) there would be a temporary surplus, then prices would fall to equilibrium. B) there would be a permanent surplus, at least until the price floor was lifted. C) the price would rise back to the equilibrium price. D) the price floor would not have any effect on this market. -If the government set a price floor at $8


A) there would be a temporary surplus, then prices would fall to equilibrium.
B) there would be a permanent surplus, at least until the price floor was lifted.
C) the price would rise back to the equilibrium price.
D) the price floor would not have any effect on this market.

Correct Answer

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When equilibrium price is higher than market price, quantity demanded is ________ quantity supplied.

Correct Answer

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If the market price is below equilibrium price,


A) quantity demanded is less than quantity supplied.
B) quantity demanded is equal to quantity supplied.
C) quantity demanded is greater than quantity supplied.

Correct Answer

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If the government set a price ceiling of 50 cents for a gallon of gasoline, the most likely consequence would be


A) a surplus of gasoline.
B) the demand for automobiles fall.
C) shipping costs rise.
D) a shortage of gasoline.

Correct Answer

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Use the following figure to answer the question : Use the following figure to answer the question : -If the government set a price floor at $18 A) there would be a temporary surplus, then prices would fall to equilibrium. B) the price floor would not have any effect on this market. C) then quantity demanded would be greater than quantity supplied. D) there would be a permanent surplus, at least until the price floor was lifted. -If the government set a price floor at $18


A) there would be a temporary surplus, then prices would fall to equilibrium.
B) the price floor would not have any effect on this market.
C) then quantity demanded would be greater than quantity supplied.
D) there would be a permanent surplus, at least until the price floor was lifted.

Correct Answer

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Laws that set maximum legal interest rates are called _____.

Correct Answer

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Which statement is true?


A) Rent control is a price floor.
B) A usury law is a price floor.
C) The minimum wage law is a price floor.
D) None of these statements are true.

Correct Answer

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Use the following figure to answer the question : Use the following figure to answer the question : -Equilibrium quantity is _____. -Equilibrium quantity is _____.

Correct Answer

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Statement I: A price floor will always have an effect on a market. Statement II: A price ceiling which has been set above equilibrium will cause a shortage.


A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Correct Answer

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In general demand curves slope _____ and supply curves slope _____.


A) downward to the right, downward to the right
B) upward to the right, upward to the right
C) downward to the right, upward to the right
D) upward to the right, downward to the right

Correct Answer

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Use the following figure to answer the question : Use the following figure to answer the question : -In the graph shown above, if the government set a price ceiling of $45 A) there would be a surplus. B) there would be a shortage. C) there would be no effect as buyers and sellers already agree on equilibrium price and quantity. D) there would be a temporary surplus, then price would fall to equilibrium price. -In the graph shown above, if the government set a price ceiling of $45


A) there would be a surplus.
B) there would be a shortage.
C) there would be no effect as buyers and sellers already agree on equilibrium price and quantity.
D) there would be a temporary surplus, then price would fall to equilibrium price.

Correct Answer

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