1. Which of the pursuance statements is true of any market?
a) in that location must be a supplement of the item plainly not of necessity a inquire for the item.
b) Demand and tot are always equal for an item.
c) The interaction of demand and supply determines the scathe and measure in that market.
d) in that respect must be a demand for the item but not necessarily a supply of the item.
e) The market will always be in equilibrium.
2. If a decrease in the demand for intersection point X causes the demand curve for product Y to dismissal to the right, then X and Y are most apt(predicate) to be which of the pastime?
a) Cars and gasoline
b) Knives and forks
c) Butter and margarine
d) Tennis balls and tennis rackets
e) berth and laces
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3. In the figure above, if price were fixed at P1, which of the following is false?
a) Prices would tend to rise.
b) There would be a shortage.
c) There would be an unneeded quantity supplied of Q5 Q1.
d) There would be an excess quantity demanded of Q5 Q1.
e) There would be a disequilibrium.
4. The law of supply
a) asserts that as the price of a good or service rises, the demand curve shifts inward.
b) while valid, is almost always ignored in a market-based economy.
c) asserts that as the price of a good or service rises, the quantity supplied rises.
d) has very little to do with how prices in a market-based economy are determined.
e) asserts that as the price of a good or service rises, the quantity supplied declines.
5. If price is infra equilibrium,
a) demand will increase.
b) demand is too low for equilibrium.
c) quantity demanded exceeds quantity supplied, and a shortage exists.
d) quantity supplied exceeds quantity demanded, and a shortage exists.
e) the income and substitution effects will cause the price to rise.
6. If both supply and demand for a good increase, which of the following will definitely happen?
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