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.

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.

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.

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