Question 1

If the equilibrium price of an hour with a personal trainer is $45 and the market price is currently $55,then there is

Accepted Answer

A)  a surplus of personal trainers
B)  a shortage of personal trainers
C)  equilibrium

Question 2

When supply increases

Accepted Answer

A)  demand decreases.
B)  price increases because excess supply develops at the original price.
C)  price decreases because a less supply is available at the original price.
D)  price decreases because a excess supply at the original price.

Question 3

If market price is equal to equilibrium price

Accepted Answer

A)  there is a surplus.
B)  there is a shortage.
C)  there is neither a surplus nor a shortage.

Question 4

If quantity demanded is greater at each price,we say that there has been

Accepted Answer

A)  an increase in supply.
B)  an increase in demand.
C)  a decrease in supply.
D)  a decrease in demanD.

Question 5

There is a surplus of quantity supplied over quantity demanded when

Accepted Answer

A)  market price is above equilibrium price.
B)  market price equals equilibrium price.
C)  market price is below equilibrium price.

Question 6

If price were $14,there would be a (shortage or surplus)_____ of _____.

Accepted Answer

The answer of If price were $14,there would be a...

Question 7

In a market where the forces of demand and supply operate without government intervention,the market price will

Accepted Answer

A)  always be the equilibrium price.
B)  generally stay above the equilibrium price.
C)  generally stay below the equilibrium price.
D)  tend toward the equilibrium price.

Question 8

Rent controls and usury laws are price _____.

Accepted Answer

The answer of Rent controls and usury laws are price...

Question 9

Draw in a new demand curve,D1,on the graph,showing a decrease in demand.What happens to price and quantity?

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> Equilibrium price f...

Question 10

When quantity supplied is greater than quantity demanded,there

Accepted Answer

A)  is a shortage.
B)  is a surplus.
C)  may be either a shortage or a surplus.
D)  may be neither a shortage or a surplus.

Question 11

Lines at gas pumps were caused by _____________ in the 1970's.

Accepted Answer

A)  price floors
B)  price ceilings
C)  market equilibrium
D)  increased demand

Question 12

As price falls,quantity demanded ___________.

Accepted Answer

The answer of As price falls,quantity demanded ___________....

Question 13

-Equilibrium quantity is _____.

Accepted Answer

The answer of 
-Equilibrium quantity is _____....

Question 14

-When supply falls and demand rises,equilibrium price will __________ and equilibrium quantity will ____________.

Accepted Answer

A)  rise;either rise,fall or stay the same
B)  rise;rise
C)  either rise,fall or stay the same
D)  fall;fall

Question 15

Shortages are associated with price _______;surpluses are associated with price _______.

Accepted Answer

A)  floors;ceilings
B)  ceilings;floors
C)  equilibrium;equilibrium
D)  None of these choices are correct.

Question 16

The adjustment of the ____________ is the rationing mechanism in market economies.

Accepted Answer

A)  price
B)  competition
C)  government
D)  None of the choices are correct.

Question 17

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

Accepted Answer

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.

Question 18

-Equilibrium quantity is _____.

Accepted Answer

The answer of 
-Equilibrium quantity is _____....

Question 19

-When demand falls and supply rises,equilibrium price will __________ and equilibrium quantity will __________.

Accepted Answer

A)  fall;either rise,fall or stay the same
B)  rise;rise
C)  either rise,fall or stay the same
D)  fall;fall

Question 20

The supply curve shows the relationship between

Accepted Answer

A)  the demand and supply schedules.
B)  price and quantity supplied.
C)  income and quantity supplied.
D)  quantity demanded and quantity supplieD.

Exam 4: Supply and Demand

-Equilibrium quantity is _____.

Correct AnswerverifiedShow Answer

-When demand falls and supply rises,equilibrium price will __________ and equilibrium quantity will __________.

Correct AnswerverifiedShow Answer

If market price is equal to equilibrium price

Correct AnswerverifiedShow Answer

As price falls,quantity demanded ___________.

Correct AnswerverifiedShow Answer

Draw in a new demand curve,D1,on the graph,showing a decrease in demand.What happens to price and quantity?

Correct Answerverified Equilibrium price f...View AnswerShow Answer

When quantity supplied is greater than quantity demanded,there

Correct AnswerverifiedShow Answer

-Equilibrium quantity is _____.

Correct AnswerverifiedShow Answer

There is a surplus of quantity supplied over quantity demanded when

Correct AnswerverifiedShow Answer

The supply curve shows the relationship between

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Rent controls and usury laws are price _____.

Correct AnswerverifiedShow Answer

-When supply falls and demand rises,equilibrium price will __________ and equilibrium quantity will ____________.

Correct AnswerverifiedShow Answer

Lines at gas pumps were caused by _____________ in the 1970's.

Correct AnswerverifiedShow Answer

The adjustment of the ____________ is the rationing mechanism in market economies.

Correct AnswerverifiedShow Answer

Shortages are associated with price _______;surpluses are associated with price _______.

Correct AnswerverifiedShow Answer

In a market where the forces of demand and supply operate without government intervention,the market price will

Correct AnswerverifiedShow Answer

When supply increases

Correct AnswerverifiedShow Answer

If the equilibrium price of an hour with a personal trainer is $45 and the market price is currently $55,then there is

Correct AnswerverifiedShow Answer

If price were $14,there would be a (shortage or surplus)_____ of _____.

Correct AnswerverifiedShow Answer

If quantity demanded is greater at each price,we say that there has been

Correct AnswerverifiedShow Answer

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-When demand falls and supply rises,equilibrium price will and equilibrium quantity will .

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Equilibrium price f...
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-When supply falls and demand rises,equilibrium price will and equilibrium quantity will __.

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Shortages are associated with price _;surpluses are associated with price _.

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If price were $14,there would be a (shortage or surplus)_ of _.

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