Question :
21) Using the data in the table above, if the : 1239010
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
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.
