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The initial supply and demand curves for a good are illustrated in the figure. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price

A.is less than $6.
B.is $6.
C.is more than $6.
D.could be less than, equal to, or more than $6.

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If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year, there is a ( ) in the market and the price will ( ).

A.shortage; rise
B.shortage; fall
C.surplus; rise
D.surplus; fall

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If the good in the figure is a normal good and income rises, then the new equilibrium quantity

A.is less than 300 units.
B.is 300 units.
C.is more than 300 units.
D.could be less than, equal to, or more than 300 units.

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If the price of a CD is equal to the equilibrium price, there will be ( ) of CDs and the price will ( ).

A.surplus; rise
B.surplus; fall
C.shortage; fall
D.neither a shortage nor surplus; not change

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The price of a good will fall if

A.there is a surplus at the current price.
B.the current price is less than the equilibrium price.
C.the quantity demanded exceeds the quantity supplied.
D.the price of a complement in consumption falls.

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The initial supply and demand curves for a good are illustrated in the figure. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price

A.is less than $6. B.is $6. C.is more than $6. D.could be less than, equal to, or more than $6.

If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year, there is a ( ) in the market and the price will ( ).

If the good in the figure is a normal good and income rises, then the new equilibrium quantity

If the price of a CD is equal to the equilibrium price, there will be ( ) of CDs and the price will ( ).

The price of a good will fall if

A.is less than $6.
B.is $6.
C.is more than $6.
D.could be less than, equal to, or more than $6.