As price declines, quantity demanded goes _______ and quantity supplied goes ________. At equilibrium price, A. quantity demanded is always equal to…
As price declines, quantity demanded goes _______ and quantity supplied goes ________.
| At equilibrium price,A.quantity demanded is always equal to quantity supplied.B.quantity demanded may be equal to quantity supplied.C.quantity demanded is usually equal to quantity supplied.D.quantity demanded is never equal to quantity suppliedA. | up, up |
| B. | down, down |
| C. | up, down |
| D. | down, up |
When the market price is lower than the equilibrium price, there is
| A. | a surplus. |
| B. | a shortage. |
| C. | both a shortage and a surplus. |
| D. | neither a shortage nor a surplus. |
A demand schedule can be presented
| A. | only as a table. |
| B. | only as a graph. |
| C. | as a table and a graph. |
| D. | as neither a table or a graph. |
All 4 questions must be answered
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