Question : 11) If the price below the equilibrium price, A) there a : 1241464

 

11) If the price is below the equilibrium price,

A) there is a surplus.

B) there is a shortage.

C) the supply curve will shift rightward.

D) the supply curve will shift leftward.

E) the demand curve will shift leftward.

12) When there is a shortage of parking spaces at your college, the

A) demand for parking spaces is greater than the supply.

B) supply of parking spaces is greater than the demand.

C) quantity of parking spaces supplied is greater than the quantity of parking spaces demanded.

D) quantity of parking spaces demanded is greater than the quantity of parking spaces supplied.

E) Both answers A and D are correct.

 

13) If the price of carrots is below the equilibrium price, the

A) quantity demanded of carrots exceeds the quantity supplied and a surplus exists.

B) quantity supplied of carrots exceeds the quantity demanded and a surplus exists.

C) quantity demanded of carrots exceeds the quantity supplied and a shortage exists.

D) quantity supplied of carrots exceeds the quantity demanded and a shortage exists.

E) quantity supplied of carrots equals the quantity demanded.

 

14) Suppose the current price of a pound of steak is $6 per pound and the equilibrium price is $9 per pound. What takes place?

A) There is a shortage, so the price falls and quantity demanded increases.

B) There is a surplus, so the price falls and quantity demanded increases.

C) There is a shortage, so the price rises and quantity demanded decreases.

D) There is a shortage, so the price rises and quantity demanded increases.

E) There is a shortage, so the price falls and quantity demanded decreases.

 

15) The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.65, then

A) there is a surplus of gasoline in Tulsa.

B) there is a shortage of gasoline in Tulsa.

C) the gasoline market in Tulsa is in equilibrium.

D) Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.

E) There is neither a surplus nor a shortage, but the market is NOT in equilibrium.

 

16) The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.73, then

A) there is a surplus of gasoline in Tulsa.

B) there is a shortage of gasoline in Tulsa.

C) the gasoline market in Tulsa is in equilibrium.

D) Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.

E) There is neither a surplus nor a shortage, but the market is NOT in equilibrium.

 

17) The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.62, then

A) there is a surplus of gasoline in Tulsa.

B) there is a shortage of gasoline in Tulsa.

C) the gasoline market in Tulsa is in equilibrium.

D) Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.

E) There is neither a surplus nor a shortage, but the market is NOT in equilibrium.

 

18) Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone is

A) 50,000 and $100.

B) 80,000 and $80.

C) 60,000 and $50.

D) 40,000 and $20.

E) 100,000 and $20.

 

19) Using the data in the table above, at the price of $80 a phone,

A) a shortage of 25,000 cellular telephones occurs.

B) a surplus of 80,000 cellular telephones occurs.

C) a surplus of 25,000 cellular telephones occurs.

D) a shortage of 55,000 cellular telephones occurs.

E) the market is in equilibrium.

 

20) Using the data in the table above, the equilibrium quantity and equilibrium price for a stapler is

A) 10,000 and $8.

B) 90,000 and $8.

C) 100,000 and $5.

D) 70,000 and $6.

E) 60,000 and $5.

 

21) Using the data in the table above, if the price of a stapler is $8, then there is ________ of staplers, and the quantity of staplers demanded ________ the quantity of staplers supplied.

A) a surplus; is greater than

B) a surplus; is less than

C) a shortage; is greater than

D) a shortage; is less than

E) neither a surplus nor a shortage; equals

 

22) Using the data in the table above, if the price of a stapler is $5, then there is ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied.

A) a surplus; is greater than

B) a surplus; is less than

C) a shortage; is greater than

D) a shortage; is less than

E) neither a surplus nor a shortage; equals