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10 questions
"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"
law of supply
law of demand
law of equilibrium
opportunity cost
the price where the quantity supplied equals the quantity demanded is known as
opportunity cost
demand curve
marginal analysis
market equilibrium
When the quantity demanded is greater than the quantity supplied it is known as
equilibrium
a shortage
a surplus
an opportunity cost
Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.
true
false
Which of the following is a way that a firm can eliminate a surplus?
raise prices
create a new product
offer a sale on the item
When demand increases, the equilibrium price and quantity supplied will both
increase
decrease
stay the same
Suppose that the market for coats is described as follows: What is the equilibrium price of coats?
120
100
80
60
Suppose the government sets a price ceiling of $80. How large will the shortage be?
5 million coats
4 million coats
3 million coats
2 million coats
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