12- If the quantity consumers wish to purchase exceeds the quantity that sellers are willing to offer, then the price is at: A- A level higher than the equilibrium price B- A level below the equilibrium price C-the intersection of the demand curve and the supply curve D- The price cannot be determined 13- If the government sets a price floor higher than the equilibrium price, this leads to: A- The possibility of a black market. B- The quantity demanded is greater than the quantity supplied for that commodity. C- The quantity supplied is greater than the quantity demanded for that commodity. D- The quantity demanded is equal to the quantity supplied.
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2. If excess supply exists within a market ______. a) the quantity demanded exceeds quantity supplied and the price must decrease to reach the point of market equilibrium b) the quantity supplied exceeds the quantity demanded and price must increase to reach the point of market equilibrium c) the quantity supplied exceeds quantity demanded and the price must decrease to reach the point of market equilibrium d) the quantity demanded exceeds quantity supplied and the price must increase to reach the point of market equilibrium
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1) Which of the following is NOT an application of supply and demand analysis? a. the quantity of output consumers are willing to purchase at each possible market price. b. the difference between quantity demanded and quantity supplied at each price. c. the maximum level of output an industry can produce, regardless of price. d. the quantity of output that producers are willing to produce and sell at each possible market price. 2) An increase in wages, capital costs and income in the market for a normal good will lead to a) A decrease in supply, an increase in demand in the market, and a higher equilibrium price. b) A decrease in supply for the goods and services in the market, and a higher equilibrium price. c) A decrease in demand for the goods and services in the market, and a higher equilibrium price. d) A decrease in supply and an increase in demand in the market, but we cannot know the direction of the price change without further information
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3.) If price is above the equilibrium level, competition among sellers to reduce the resulting: A. shortage will increase quantity demanded and decrease quantity supplied. B. surplus will increase quantity demanded and decrease quantity supplied. C. surplus will decrease quantity demanded and increase quantity supplied. D. shortage will decrease quantity demanded and increase quantity supplied.
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