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1. In a market, the equilibrium price is determined by:


What buyers are willing and able to purchase
What sellers are willing and able to offer for sale
Both demand and supply

The government
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2. The market mechanism is consistent with:


A trial and error process
The invisible hand
Equilibrium
All of the above

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3. Suppose there are buyers and sellers in a market but no exchange takes
place. Assume there is no government intervention in this market. This
implies that:
The price must be so high that no one can afford this good

There must be a shortage of the good

The market supply and demand curves do not intersect

Market demand must be upward sloping

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4. When a surplus exists for a product, then:


Producers increase supply

Consumers increase demand

Government purchases decrease

Producers reduce the level of output and reduce price

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5. A ballet performance had many empty seats. This implies that the:
Hall where the performance was being held was very large

Price of the tickets must have been very low because of the low demand

Ballet group was not very well known

Price of the tickets must have been above the equilibrium price

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6. A market shortage is:

The amount by which the quantity demanded exceeds the quantity supplied at a given price

A situation of excess demand

A situation in which people cannot buy all of the goods they are willing and able to buy at t

All of the above

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7. Tickets for a rock concert were sold out several weeks before the
performance. This implies that the:
Stadium where the concert was being held was very small

Price of the tickets must have been very high because of the high demand

Rock group must be very popular

Price of the tickets must have been below the equilibrium price

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8. A leftward shift of the market demand curve for HDTVs, ceteris


paribus, causes the equilibrium:
Price to increase and quantity to decrease
Price to decrease and quantity to decrease

Price to increase and quantity to increase


Price to decrease and quantity to increase
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9. A rightward shift of the market demand curve for MP3 players,


ceteris paribus, causes equilibrium:
Price to increase and quantity to decrease
Price to decrease and quantity to decrease

Price to increase and quantity to increase

Price to decrease and quantity to increase


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10. When the demand for Play Station II increases, ceteris


paribus, the equilibrium price will also increase because:
A shortage exists at the old equilibrium price

There must be a surplus of the good

The market supply and demand curves do not intersect

Market demand must be upward sloping