Question 1

If the market price is below equilibrium price, quantity demanded:

A. is less than quantity supplied.

B. is equal to quantity supplied.

C. is greater than quantity supplied.

D. remains the same.

 

Question 2

At equilibrium, quantity demanded __________ equals quantity supplied.

A. always

B. usually

C. sometimes

D. never

 

Question 3

When the market price is above equilibrium price, the market price will be driven:

A. up by buyers.

B. up by sellers.

C. down by buyers

D. down by sellers.

 

Question 4

Changes in demand are caused by each of the following EXCEPT changes in:

A. income.

B. the prices of related goods and services.

C. tastes and preferences.

D. supply. 

 

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