The law of supply states that as the price of a good rises, the

The law of supply states that as the price of a good rises, the quantity supplied decreases.

The law of demand states that as the price of a good rises, the quantity demanded decreases.

A decrease in consumer income shifts the demand curve leftward.

A rise in the price of chicken feed shifts the supply curve of chickens leftward.

If both the demand and supply curves shift equal distances rightward, the equilibrium price rises.

A rise in the price of popcorn shifts the demand curve for popcorn rightward.

New technology for manufacturing computer chips is developed. The new technology will
contribute to cheaper production of computer chips
contribute to a decrease in the supply of computer chips
not affect the supply of computer chips

New cars are a normal good. Suppose the economy enters a period of strong economic expansion so that consumer incomes increase substantially. What will happen to the demand for new cars?
It will increase because a rise in overall income produces an increase in demand for normal goods.
It will stay the same because people will increase the purchase of other goods.
It will decrease because a rise in overall income produces a decrease in demand for normal goods.

A rise in the price of a game of bowling will
decrease the demand for bowling balls
increase the demand for bowling balls
result in a lot more people bowling
decrease the demand for cars

Gruel is an inferior good. Hence, an increase in consumer income
decreases the supply of gruel
increases the supply of gruel
decreases the demand for gruel
increases the demand for gruel

It costs Balls-R-Us, a supplier of soccer balls, $3.00 to produce each soccer ball and $300.00 to make one hundred soccer balls. It is able to sell these soccer balls for $10.00 each. What is the marginal cost of producing soccer balls?

Since prices don’t favor producers or consumers, they are described as

At any given price, a surplus of oranges will occur when
the quantity demanded is more than the quantity supplied
the quantity demanded is the same as the quantity supplied
the quantity supplied is less than the quantity demanded
the quantity supplied is greater than the quantity demanded

A price compromise between buyer and seller is known as a(n)
equilibrium price
target price
deficiency payment
adjustment price

The government sets a price ceiling on pizza that is below the equilibrium price of pizza, causing
a shortage of pizza
a surplus of pizza
no shortage of pizza
none of the above

In an unregulated market, which of the following will occur as a result of sudden destruction of a large proportion of the supply of housing? (Hint: This will cause a decrease in the supply of housing.) Drawing a diagram will help you.
a decrease in demand for rental housing
a surplus of rental housing
higher rental prices
a decrease in rental prices

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