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20. Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per
unit, __________.
A. there will be an excess demand for the product
B. there will be an excess supply of the product
C. the quantity supplied of the product will be less than the quantity demanded of that product
D. there will be a shortage of that product
19.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per
week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50,
the price must be __________.
A. $0
B. $10
C. between $10 and $20
D. $30
17.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per
week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied
at a price of $30?
A. 200
B. 250
C. 300
D. 350
6.The big tradeoff is the tradeoff between __________.
A. quantity demanded and quantity supplied
B. price and quantity demanded
C. efficiency and equity
D. total surplus and deadweight loss
10.
Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month.
Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a
price of $3?
A. 6
B. 9
C. 15
D. 20
16. When consumers are willing to buy more than producers are willing to sell, __________.
A. there is excess supply of the product in the market
B. there is excess demand for the product in the market
C. the market is in equilibrium
D. the demand curve will shift until the quantity supplied equals the quantity demanded
17.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per
week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied
at a price of $30?
A. 200
B. 250
C. 300
D. 350
19.
Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per
week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50,
the price must be __________.
A. $0
B. $10
C. between $10 and $20
D. $30