31.Whichofthefollowingwouldcausepricetodecrease?
a.adecreaseinsupply
b.anincreaseindemand
c.asurplusofthegood
d.ashortageofthegood
32.Whenthepriceofagoodishigherthantheequilibriumprice,
a.ashortagewillexist.
b.buyersdesiretopurchasemorethanisproduced.
c.sellersdesiretoproduceandsellmorethanbuyerswishtopurchase.
d.quantitydemandedexceedsquantitysupplied.
33.Asurplusexistsinamarketif
a.thereisanexcessdemandforthegood.
b.quantitydemandedexceedsquantitysupplied.
c.thecurrentpriceisaboveitsequilibriumprice.
d.Alloftheabovearecorrect.
34.Ifasurplusexistsinamarket,thenweknowthattheactualpriceis
a.abovetheequilibriumprice,andquantitysuppliedisgreaterthanquantitydemanded.
b.abovetheequilibriumprice,andquantitydemandedisgreaterthanquantitysupplied.
c.belowtheequilibriumprice,andquantitydemandedisgreaterthanquantitysupplied.
d.belowtheequilibriumprice,andquantitysuppliedisgreaterthanquantitydemanded.
35.If,atthecurrentprice,thereisasurplusofagood,then
a.sellersareproducingmorethanbuyerswishtobuy.
b.themarketmustbeinequilibrium.
c.thepriceisbelowtheequilibriumprice.
d.quantitydemandedequalsquantitysupplied.
36.Whenasurplusexistsinamarket,sellers
a.raiseprice,whichincreasesquantitydemandedanddecreasesquantitysupplied,untilthesurplusiseliminated.
b.raiseprice,whichdecreasesquantitydemandedandincreasesquantitysupplied,untilthesurplusiseliminated.
c.lowerprice,whichincreasesquantitydemandedanddecreasesquantitysupplied,untilthesurplusiseliminated.
d.lowerprice,whichdecreasesquantitydemandedandincreasesquantitysupplied,untilthesurplusiseliminated.
37.Supposerosesarecurrentlysellingfor$40perdozen,buttheequilibriumpriceofrosesis$30perdozen.We wouldexpecta
a.shortagetoexistandthemarketpriceofrosestoincrease.
b.shortagetoexistandthemarketpriceofrosestodecrease.
c.surplustoexistandthemarketpriceofrosestoincrease.
d.surplustoexistandthemarketpriceofrosestodecrease.
38.Supposechocolate-dippedstrawberriesarecurrentlysellingfor$30perdozen,buttheequilibriumpriceofchocolate-dippedstrawberriesis$20perdozen.Wewouldexpecta
a.shortagetoexistandthemarketpriceofchocolate-dippedstrawberriestoincrease.
b.shortagetoexistandthemarketpriceofchocolate-dippedstrawberriestodecrease.
c.surplustoexistandthemarketpriceofchocolate-dippedstrawberriestoincrease.
d.surplustoexistandthemarketpriceofchocolate-dippedstrawberriestodecrease.
39.Thecurrentpriceofbluejeansis$30perpair,buttheequilibriumpriceofbluejeansis$25perpair.Asaresult,
a.thequantitysuppliedofbluejeansexceedsthequantitydemandedofbluejeansatthe$30price.
b.theequilibriumquantityofbluejeansexceedsthequantitydemandedatthe$30price.
c.thereisasurplusofbluejeansatthe$30price.
d.Alloftheabovearecorrect.
40.Auniversity'sfootballstadiumisnevermorethanhalf-fullduringfootballgames.Thisindicates
a.theticketpriceisabovetheequilibriumprice.
b.theticketpriceisbelowtheequilibriumprice.
c.theticketpriceisattheequilibriumprice.
d.nothingabouttheequilibriumprice.