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Get faster at matching terms Terms in this set (91)If supply increases and demand remains unchanged, equilibrium quantity will _______ and equilibrium price will ______________. rise; fall When the price is $5 quantity supplied is greater than quantity demanded and, therefore, price must fall to get to equilibrium. When quantity supplied equals quantity demanded, the market is cleared Which of the following government programs will create a shortage? ceiling prices For there to be demand for a good, people must be willing and able to buy the good at the market price If the price ceiling is set above the equilibrium price, quantity demanded will equal quantity supplied. Which statement is true? Usury laws and rent control are price ceilings. Which of the following government programs will NOT create a surplus? usury laws Usury laws are associated with interest When price is $8 quantity supplied is greater than quantity demanded and, therefore, price must fall to get to equilibrium price. In the graph shown above, at a price of $3.00 there is a shortage Black markets emerge during times of price ceilings When the supply of a good increases and the demand stays the same the price of the good will fall and quantity will rise. As price rises, the quantity ______________ rises. supplied At equilibrium, each of these is true EXCEPT there may be a shortage or a surplus. If the government set a price ceiling of 50 cents for a gallon of gasoline, the most likely consequence would be a shortage of gasoline If the government set a price ceiling of 25 cents for a loaf of bread, the most likely consequence would be a shortage of bread An increase in the supply of loanable funds will ___________ interest rates. lower As price rises, quantity demanded falls The forces of demand and supply ensure that at equilibrium there are no shortages or surpluses In the graph shown above, equilibrium price is _______. 30 The price of $4 in the graph above represents price ceiling The relationship between quantity supplied and price is __________ and the relationship between quantity demanded and price is ____________. direct; inverse An increase in equilibrium quantity will result from each of the following except a decrease in demand and a decrease in supply. If the government set a price ceiling at $8 the price floor would not have any effect on this market. question 125 equilibrium price is $6 if market price is above equilibrium price quantity supplied is greater than quantity demanded mc question 84 a shift from d1 to d2 causes equilibrium price to ____ and quantity to _______ rise;rise which situation below would represent a shortage in the oil market? market price $75.00 per barrel; equilibrium price $81.00 per barrel QU 130 if the government set a price floor at $8.00 there would be a permanent surplus, at least until the price floor was lifted most economists feel that price ceilings do more harm than good as price rises, the quantity _____ rises supplied an increase in demand occurs when the demand curve shifts upward and to the right QU 123 in the graph shown above, if the government set a price ceiling of $18 there would be a permanent shortage, at least until the price ceiling was lifted QU 89 if the quantities in the demand schedule in the table above were reduced by 2 units at each price, you would conclude that demand decreased when quantity demanded is greater than quantity supplied price will rise to its equilibrium price if the equilibrium price of an hour with a personal trainer is $45 and the market price is currently $55, then there is a surplus of personal trainers the adjustment of the ____ is the rationing mechanism in market economies price The US price system is _____ by both price ceilings and price floors affected according to the law of demand, the quantity demanded depends on the quantity supplied In general demand curves slope ____ and supply curves slope____ downward to the right, upward to the right QU 109 ceiling; shortage; 14 a decrease in equilibrium quantity would result from both a decrease in supply with no change in demand and a decrease in demand with no change in supply QU 8 a surplus If the government legislates a price ceiling that is above the equilibrium price market price and quantity sold will be unaffected. The __________ is the price of money (loanable funds). interest rate When market price is above equilibrium price quantity supplied is greater than quantity demanded. According to the law of demand, the quantity demanded of a good is negatively related to its price. Without government involvement, wages and interest rates are set by _______________. supply and demand "The higher the price of a good or service, the greater the quantity that people are willing to sell" is the law of supply If quantity demanded is greater at each price, we say that there has been an increase in demand When supply increases price decreases because a excess supply at the original price. MC Qu. 19 falls; falls Demand is defined as the quantities that buyers will purchase at different prices. QU 131 The price floor would not have any effect on this market Which of the following government programs will create a surplus? minimum wage law QU 147 ceiling; shortage; 12 the law of demand stated that price and quantity demanded are inversely related rent control is a form of price ___ and is responsible for housing ____ ceiling; shortages as price declines, quantity supplied falls QU 90 quantity demanded is greater than quantity supplied and, therefore price must rise to get to equilibrium QU 58 remain at 80cents price ceilings keep market price below the equilibrium price and create shortages QU 83
an increase in demand when the supply of a good increases and the demand stays the same the price of the good will fall and the quantity will rise QU 29 all of these are true at equilibrium QU 85 a decrease in supply QU 127 there is a shortage if demand rises and supply remains the same, equilibrium price will _____ and equilibrium quantity will ______ rise; rise QU 86 rise; fall when there is a price floor there will be surplus if the government legislates a price ceiling that is above the equilibrium price market price and quantity sold will be unaffected if the price system is allowed to function without interference and a surplus occurs, quantity demanded will ______ and quantity supplied will ________ until the price falls to its equilibrium rise; fall which statement is true usury laws and rent control are price ceilings if market price is above equilibrium price quantity supplied is greater than quantity demanded which statement is false moving up a demand curve, price rises and quantity rises MC Qu. 65 Which statement is true? minimum wage is a price floor If supply increases and demand remains unchanged, equilibrium quantity will _______ and equilibrium price will ______________. rise; fall QU 140 there would be a permanent surplus, at least until the price floor was lifted. The demand curve shows the relationship between price and quantity demanded. MC Qu. 52 prices will remain the same (not rise) when the price ceiling is lifted. MC Qu. 4 at all prices. What happens to quantity demanded when price is lowered? It rises MC Qu. 102 all of the choices As price rises, quantity demanded falls The demand curve slopes downward towards the right An increase in equilibrium quantity will result from each of the following except a decrease in demand and a decrease in supply. When the demand for loanable funds rises, the amount of money borrowed will ___________. rise When a price floor that has an impact is removed, which of the following statements is correct?
Quantity supplied for that good decreases. __________________ states that price and quantity demanded are inversely related the law of demand When the demand for a product decreases but the supply of the product remains unchanged, the price of the product will fall and the quantity will fall. Recommended textbook solutions
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What happens to equilibrium price and equilibrium quantity when there is an increase in supply?An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase. A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease.
When demand for a product increases but the supply of the product remains unchanged the equilibrium price of the product will?An increase in demand while the supply remains unchanged causes equilibrium price and quantity to increase. Due to increase in demand the quantity demanded will increase this will thereby increase competition in the market which will leaf to increase in price of the product.
What happens when supply increases but demand is unchanged?The increase in demand = increase in supply
If the increase in both demand and supply is exactly equal, there occurs a proportionate shift in the demand and supply curve. Consequently, the equilibrium price remains the same.
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What happens to equilibrium price and quantity when supply increases and demand remains unchanged quizlet?
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