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Figure 4-17

Refer to Figure 4-17. At a price of

$5, there is a shortage of $25.

$7, there is a surplus of 4 units.

$5, there is a surplus of 25 units.

$2, there is a surplus of 6 units.

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At the equilibrium price, the quantity of the good that buyers are willing and able to buy

exactly equals the quantity that sellers are willing and able to sell.

is greater than the quantity that sellers are willing and able to sell.

Either a) or c) could be correct.

is less than the quantity that sellers are willing and able to sell.

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"Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well." This relationship between price and quantity supplied

applies only to a few goods in the economy.

is represented by a downward-sloping supply curve.

All of the above are correct.

is referred to as the law of supply.

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Figure 4-14

Refer to Figure 4-14. Which of the following would explain a movement from E1 to E2?

The cost of an input to the production of this good increases.

The price of a substitute good decreases.

There is an improvement in the technology used to produce this good.

This good becomes very popular.

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A demand schedule is a table that shows the relationship between

price and quantity demanded.

quantity demanded and quantity supplied.

income and quantity demanded.

price and income.

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A decrease in the price of a good will

decrease demand.

increase demand.

increase quantity demanded.

decrease quantity demanded.

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"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded

applies to most goods in the economy.

is represented by a downward-sloping demand curve.

is referred to as the law of demand.

All of the above are correct.

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Assume Diana buys computers in a competitive market. It follows that

None of the above is correct.

if Diana buys a large number of computers, the price of computers will rise noticeably.

Diana has a limited number of sellers to turn to when she buys a computer.

Diana will find herself negotiating with sellers whenever she buys a computer.

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A competitive market is one in which there

is only one seller, but there are many buyers.

are so many buyers and so many sellers that each has a negligible impact on the price of the product.

are many sellers, and each seller has the ability to set the price of his product.

are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market.

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