01
A. the effect on market supply of a change in the demand for a good or service.
B.the quantity of a good that consumers would like to purchase at different prices.
02
A. is at a level where there is neither a shortage nor a surplus.
B.is low enough for consumers to buy all that they want.
03
A. an increase in equilibrium price and quantity.
B. decrease in equilibrium price and quantity.
04
A. the effect on market demand of a change in the supply of a good or service.
B. the quantity of a good that firms would offer for sale at different prices.
05
A. an increase in equilibrium price and a decrease in equilibrium quantity.
B. a decrease in equilibrium price and an increase in equilibrium quantity.
06
A. The equilibrium price will fall while the equilibrium quantity will rise.
B. the equilibrium price will rise while the equilibrium quantity will decline.
07
A. When demand and supply increase, but the rise in supply exceeds the rise in demand.
B. When demand and supply increase, but the rise in demand exceeds the rise in supply.
08
A. there is an excess supply and price can be expected to decrease.
B. there is an excess supply and price can be expected to increase.
09
A. consumers envision a positive relationship between price and quality.
B. beyond some point the production costs of additional units of output will rise.
10
A. shift to the right.
B. shift to the left.