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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?A price fixed below the equilibrium price of a product will cause a shortage of that product. A.True B.Falsea. Is the quantity demanded higher or lower than at the equilibrium price? b. What about the quantity supplies? c. Is there a shortage in the market? If so, how much?
- An increase in prices will cause an increase in the amount supplied a. True b. FalseWhen a shortage is eliminated, the market returns to an where the quantity supplied equals the quantity demandedIf the demand for chocolate decreases with no change in the supply of chocolate, what happens in the market for chocolate? The decrease in demand will create a ________ of chocolate at today's price, but gradually the price will ________. A. shortage; fall B. surplus; fall C. shortage; rise D. surplus; rise
- Identify what happens to equilibrium price and quantity in each of the following cases:a. Demand rises, and supply is constantb. Supply rises and demand is constantc. Decrease in demand and increase in supplyd. Decrease in both demand and supplye. Increase in demand and decrease in supplyWhich of the following would cause a decrease in the equilibrium quantity, but an increase in the equilibrium price? a. a decrease in supply b. an increase in demand c. a decrease in demand d. an increase in supply
