23) In the figure above, a price of $35 per dozen roses results in

A) a shortage.

B) equilibrium.

C) a surplus.

D) upward pressure on the price of roses.

E) an eventual rightward shift of the demand curve and/or leftward shift of the supply curve.

24) In the figure above, a price of $15 per dozen roses results in

A) equilibrium.

B) a shortage.

C) a surplus.

D) downward pressure on the price of roses.

E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.

25) The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then

A) there is a shortage and the price of t-shirts will rise.

B) there is a surplus and the price of t-shirts will rise.

C) the market is in equilibrium.

D) there is a shortage and the price of t-shirts will fall.

E) there is a surplus and the price of t-shirts will fall.

26) The above figure shows the market for game day t-shirts. If the price of t-shirts is $10, then

A) there is a surplus and the price of t-shirts will rise.

B) there is a shortage and the price of t-shirts will rise.

C) there is a shortage and the price of t-shirts will fall.

D) there is a surplus and the price of t-shirts will fall.

E) the market is in equilibrium.

27) The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then

A) there is a shortage and the price of t-shirts will fall.

B) there is a shortage and the price of t-shirts will rise.

C) there is a surplus and the price of t-shirts will rise.

D) there is a surplus and the price of t-shirts will fall.

E) the market is in equilibrium.

28) The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then

A) the market is in equilibrium.

B) there is a surplus and the price of t-shirts will rise.

C) the quantity demanded is greater than quantity supplied.

D) there is a shortage and the price of t-shirts will fall.

E) there is a surplus and the price of t-shirts will fall.

29) Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result the equilibrium price ________, and the equilibrium quantity ________.

A) rises; increases

B) rises; does not change

C) falls; does not change

D) falls; decreases

E) falls; increases

30) If a market begins in equilibrium and then the demand curve shifts leftward, a

A) shortage is created, which is eliminated by a fall in price.

B) shortage is created, which is eliminated by a rise in price.

C) surplus is created, which is eliminated by a fall in price.

D) surplus is created, which is eliminated by a rise in price.

E) surplus is created, which is eliminated by the supply curve shifting leftward.

31) When the demand curve shifts rightward and the market moves to a new equilibrium, then the

A) supply increases.

B) supply decreases.

C) quantity supplied increases.

D) quantity supplied decreases.

E) price falls to restore the equilibrium.

32) An increase in both the equilibrium price and quantity can be the result of

A) a decrease in demand.

B) an increase in supply.

C) a decrease in supply.

D) an increase in demand.

E) None of the above answers is correct.

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