SOLVED

21) Using the data in the table above, if the price of a stapler is $8, then there is a ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied. A) surplus; is greater than B) surplus; is less than C) shortage; is greater than D) shortage; is less than E) neither a surplus nor a shortage; equals 22) Using the data in the table above, if the price of a stapler is $5, then there is a ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied. A) surplus; is greater than B) surplus; is less than C) shortage; is greater than D) shortage; is less than E) neither a surplus nor a shortage; equals 23) In the figure above, a price of $35 per dozen roses results in A) a shortage. B) equilibrium. C) a surplus. D) upward pressure on the price of roses. E) an eventual rightward shift of the demand curve and/or leftward shift of the supply curve. 24) In the figure above, a price of $15 per dozen roses results in A) equilibrium. B) a shortage. C) a surplus. D) downward pressure on the price of roses. E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve. 25) The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then A) there is a shortage and the price of t-shirts will rise. B) there is a surplus and the price of t-shirts will rise. C) the market is in equilibrium. D) there is a shortage and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will fall. 26) The above figure shows the market for game day t-shirts. If the price of t-shirts is $10, then A) there is a surplus and the price of t-shirts will rise. B) there is a shortage and the price of t-shirts will rise. C) there is a shortage and the price of t-shirts will fall. D) there is a surplus and the price of t-shirts will fall. E) the market is in equilibrium. 27) The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then A) there is a shortage and the price of t-shirts will fall. B) there is a shortage and the price of t-shirts will rise. C) there is a surplus and the price of t-shirts will rise. D) there is a surplus and the price of t-shirts will fall. E) the market is in equilibrium. 28) The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then A) the market is in equilibrium. B) there is a surplus and the price of t-shirts will rise. C) the quantity demanded is greater than quantity supplied. D) there is a shortage and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will fall. 29) Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result the equilibrium price ________, and the equilibrium quantity ________. A) rises; increases B) rises; does not change C) falls; does not change D) falls; decreases E) falls; increases 30) If a market begins in equilibrium and then the demand curve shifts leftward, a A) shortage is created, which is eliminated by a fall in price. B) shortage is created, which is eliminated by a rise in price. C) surplus is created, which is eliminated by a fall in price. D) surplus is created, which is eliminated by a rise in price. E) surplus is created, which is eliminated by the supply curve shifting leftward.