7. UCLA and USC have always been a rival competitor in college football for decades. If the average ticket price of USC football decreases, we can expect that the demand of UCLA football to ____ (increase or decrease).
8. Assuming the market of gasoline is in equilibrium at $6 per gallon and that the government believes that it is too high for its people. It should implement a ____ (price floor or price ceiling) program, which would result in an ____ (excess demand or excess supply or excess supplied) of gasoline in the market.
9. If the government believes that the average hourly wage ($5) is too low for its people, it should implement a ____ (price floor or price ceiling) program. To be effective, the regulated hourly wage should be ____ (higher than or below) the current equilibrium wage of $5.
10. If an increase in demand is greater than an increase in supply of a particular product, the result would be a higher equilibrium price whereas the equilibrium quantity would be indeterminant. True or False?
11. A rising degree of competitiveness (more competitors) of a particular product would ____ (increase or decrease) the supply curve, resulting in a/an ____ (increase or decrease) of ____ (quantity demanded or quantity supplied) of that same product.
12. Government's implementation of a per-unit sales tax of a particular product would ____ (increase or decrease) the ____ (supply or demand) curve, resulting in a/an ____ (increase or decrease) of the price level of that same product.
13. A market equilibrium exists whenever quantity demanded equals quantity supplied and that there is neither an ____ (excess demand or excess demanded) or ____ (excess supply or excess supplied).
14. Finally. The Law of Increasing Cost and ____ are the two reasons explaining as to why the supply curve of a product slopes upward.
