Whenever the supply of a product decreases and the demand for the product increases, a. the quantity exchanged in the market will increase b. equilibrium price will rise c. the quantity exchanged in the market will decrease d. equilibrium price will fall

1. The law of demand illustrates that as a. price decreases, demand increases b. price increases, quantity demanded increases c. price decreases, quantity supplied increases d. price decreases, quantity demanded increases
2. An increase in the number of consumers, all else held constant, will shift the a. supply curve leftward b. demand curve leftward c. supply curve to the right d. demand curve to the right
3. An increase in demand will cause the demand curve to a. move to the right b. move to the left c. become more vertical d. become more horizontal
4. If 12 units of a good are sold when the price is $1 per unit, and 8 units are sold at a price of $1.50 per unit, then demand is a. elastic b. inelastic c. of indeterminate elasticity d. unit elastic
5. An increase in demand tends to increase both the equilibrium price and the amount of commodity exchange. a. True b. False
6. To maintain a price below the equilibrium price, a. demand must increase b. supply must increase c. the government must set a ceiling price d. supply must decrease
7. Whenever the supply of a product decreases and the demand for the product increases, a. the quantity exchanged in the market will increase b. equilibrium price will rise c. the quantity exchanged in the market will decrease d. equilibrium price will fall
8. A change in demand would be illustrated by a. a drop in price, which causes people to buy more b. an increase in price, which causes people to buy less c. a change in people s preference that causes them to buy either more or less than before d. all of the above

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