Suppose the equilibrium price for soft drinks is $1.00. If the current price in the soft drink market is $1.25 each,
A.there will be a surplus of soft drinks.
B.there will be a shortage of soft drinks.
C.the supply curve of soft drinks will shift leftward.
D.the demand curve for soft drinks will shift leftward.
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A bakery can produce either cakes or cookies. If the price of cookies rises, then
A.the supply curve of cake shifts leftward.
B.the supply curve of cake shifts rightward.
C.there is a movement downward along the supply curve of cakes.
D.there is a movement upward along the supply curve of cakes.
Which of the following statements is TRUE?
A.An increase in the price of gasoline will decrease the demand for gasoline.
B.An increase in the price of gasoline will increase the quantity demanded of gasoline.
C.An increase in the price of gasoline will increase the supply of gasoline.
D.An increase in the price of gasoline will increase the quantity supplied of gasoline.
A surplus occurs when the price is
A.less than the equilibrium price.
B.equal to the equilibrium price.
C.greater than the equilibrium price.
D.None of the above because the existence of a surplus is independent of the price of the good.
The supply curve slopes upward when graphed against ( ), because of ( ).
A.the price of the good; increasing marginal cost
B.the price of the good; decreasing marginal cost
C.income; increasing marginal cost
D.income; decreasing marginal cost
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