1) In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters w
ho are willing and able to pay the market price of an apartment. In this scenario, the market is said to be _____.(1 point) A in equilibrium because there is a surplus of apartments on the market
(B) in equilibrium because there is a shortage of apartments on the market
C in disequilibrium because there is a shortage of apartments on the market
D in disequilibrium because there is a surplus of apartments on the market 1) B
2) For a given market, the equilibrium quantity of the good or service will decrease if _____.(1 point)
A demand increases and supply decreases
B demand decreases and supply increases
(C) demand decreases and supply decreases
D demand increases and supply increases
2)C
3) Price Quantity Supplied Quantity Demanded
$10 1,000 2,500
$20 2,000 2,000
$30 3,000 1,500
$40 4,000 1,000
The equilibrium price for this market is _____.
(1 point)
A $10
(B) $20
C $30
D $40
3) B
4) In a given market, the market equilibrium price and quantity are $120 and 5 million units, respectively. At a price of $100, 4.8 million units are supplied, and 5.2 million units are demanded. It can be said that at a price level of $100 there is a _____.(1 point)
A a surplus of 0.4 million units
(B) a shortage of 0.4 million units
C a shortage of 0.2 million units
D a surplus of 0.2 million units
4) B
5)The supply and demand curves for a market are graphed below with price in dollars and quantity in thousands.
Two intersecting lines are graphed. The horizontal axis labeled Quantity goes from 0 to 70 in increments of 10. The vertical axis labeled Price goes from 0 to 50 in increments of 10. A line with a negative slope is labeled D and a line with a positive slope is labeled S. The lines intersect at approximately left parenthesis 33.7 comma 30 right parenthesis. A horizontal dashed line extends from left parenthesis 0 comma 30 right parenthesis to the point of intersection.
Which of the following would result from an increase in the supply curve?
