11.Equilibriumquantitymustdecreasewhendemand
a.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhenbothdemandandsupplydecrease.
b.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhenbothdemandandsupplydecrease.
c.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhenbothdemandandsupplydecrease.
d.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhenbothdemandandsupplydecrease.
12.Equilibriumquantitymustincreasewhendemand
a.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhenbothdemandandsupplyincrease.
b.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhenbothdemandandsupplydecrease.
c.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhenbothdemandandsupplyincrease.
d.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhenbothdemandandsupplydecrease.
13.Equilibriumpricemustdecreasewhendemand
a.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhendemanddecreasesandsupplyincreasessimultaneously.
b.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhendemandincreasesandsupplydecreasessimultaneously.
c.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhendemanddecreasesandsupplyincreasessimultaneously.
d.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhendemandincreasesandsupplydecreasessimultaneously.
14.Equilibriumpricemustincreasewhendemand
a.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhendemanddecreasesandsupplyincreasessimultaneously.
b.increasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplydecreases,andwhendemandincreasesandsupplydecreasessimultaneously.
c.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhendemanddecreasesandsupplyincreasessimultaneously.
d.decreasesandsupplydoesnotchange,whendemanddoesnotchangeandsupplyincreases,andwhendemandincreasesandsupplydecreasessimultaneously.
15.Whichofthefollowingeventsmustcauseequilibriumpricetorise?
a.demandincreasesandsupplydecreases
b.demandandsupplybothdecrease
c.demanddecreasesandsupplyincreases
d.demandandsupplybothincrease
16.Ifthedemandforaproductincreases,thenwewouldexpectequilibriumprice
a.toincreaseandequilibriumquantitytodecrease.
b.todecreaseandequilibriumquantitytoincrease.
c.andequilibriumquantitybothtoincrease.
d.andequilibriumquantitybothtodecrease.
17.Ifthedemandforaproductdecreases,thenwewouldexpectequilibriumprice
a.toincreaseandequilibriumquantitytodecrease.
b.todecreaseandequilibriumquantitytoincrease.
c.andequilibriumquantitytobothincrease.
d.andequilibriumquantitytobothdecrease.
18.Ifthesupplyofaproductincreases,thenwewouldexpectequilibriumprice
a.toincreaseandequilibriumquantitytodecrease.
b.todecreaseandequilibriumquantitytoincrease.
c.andequilibriumquantitytobothincrease.
d.andequilibriumquantitytobothdecrease.
19.Ifthesupplyofaproductdecreases,thenwewouldexpectequilibriumprice
a.toincreaseandequilibriumquantitytodecrease.
b.todecreaseandequilibriumquantitytoincrease.
c.andequilibriumquantitytobothincrease.
d.andequilibriumquantitytobothdecrease.
20.Whensupplyanddemandbothincrease,equilibrium
a.pricewillincrease.
b.pricewilldecrease.
c.quantitymayincrease,decrease,orremainunchanged.
d.pricemayincrease,decrease,orremainunchanged.
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