Question : 21) Using the data in the table above, if the : 1226414

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

A) surplus; is greater than

B) surplus; is less than

C) shortage; is greater than

D) 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 a ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied.

A) surplus; is greater than

B) surplus; is less than

C) shortage; is greater than

D) shortage; is less than

E) neither a surplus nor a shortage; equals

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.