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