A) quantity demanded of a good does not vary with price.
B) quantity demanded of a good varies directly with price.
C) quantity demanded of a good is negatively related to its price.
D) quantity demanded depends on the quantity supplieD.
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A) at least one price.
B) at a few prices.
C) at most prices.
D) at all prices.
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A) prices will fall as soon as the ceiling price is abolished.
B) prices will remain the same (not rise) when the price ceiling is lifted.
C) equilibrium price and ceiling prices are two totally different concepts and hence do not affect each other.
D) prices will begin to rise rapidly when the price ceiling is lifteD.
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A) price will fall to its equilibrium price.
B) price will rise to its equilibrium price.
C) price may rise,fall,or stay the same,depending on a variety of factors.
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A) increase to $4
B) remain at $3
C) rise to about $3.50
D) be impossible to determine
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A) there are no shortages or surpluses.
B) there are no shortages,but there may be surpluses.
C) there are no surpluses,but there may be shortages.
D) there may be shortages or surpluses.
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A) rise;rise
B) fall;fall
C) rise;fall
D) fall;rise
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A) a surplus.
B) a shortage.
C) a surplus and a shortage.
D) neither a surplus nor a shortage.
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A) a shortage of mushrooms as the market price remains unchanged.
B) an increase in the quantity of mushrooms sold and an increase in their price.
C) an increase in the quantity of mushrooms sold but no change in price.
D) a decrease in the quantity of mushrooms sold and an increase in their price.
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A) $25
B) $30
C) $35
D) $40
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A) quantity demanded equals quantity supplied.
B) the price has no tendency to change.
C) market price equals equilibrium price.
D) there may be a shortage or a surplus.
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A) a shortage is generated.
B) a surplus is generated.
C) quantity demanded is greater than quantity supplied.
D) then both a shortage is generated and quantity demanded is greater than quantity supplied,but a surplus is not generateD.
E) then both a surplus is generated and quantity demanded is greater than quantity supplied,but a shortage is not generated.
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A) quantity supplied is greater than quantity demanded and,therefore,price must rise to get to equilibrium.
B) quantity supplied is less than quantity demanded and,therefore,price must fall to get to equilibrium.
C) quantity demanded is greater than quantity supplied and,therefore,price must rise to get to equilibrium.
D) quantity demanded is greater than quantity supplied and,therefore,price must fall to get to equilibrium.
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A) a shortage will develop.
B) a black market will soon develop.
C) a surplus will develop.
D) market price and quantity sold will be unaffecteD.
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A) buyers will push the price up.
B) buyers will push the price down.
C) sellers will push the price up.
D) sellers will push the price down.
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A) the price would rise to the equilibrium price.
B) the price would fall to equilibrium price.
C) there would be a temporary shortage,then price would rise to equilibrium price.
D) there would be a permanent shortage,at least until the price ceiling was lifteD.
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