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CHAPTER 2 QUIZ Question 1
The equilibrium $price is ___ and the equilibrium quantity is ___ Question 2 At what price would there be an excess demand of 125? Question 3 If the supply curve shifts to the left, which of the following will be true? Question 4 If the government sets a ceiling price of $3, which of the following is not likely to happen. Question 5 The current price of Thanksgiving bonnets is $20. The quantity demanded is 2000 and the quantity supplied is 1500. If the price is allowed to adjust to
equilibrium the equilibrium quantity of bonnets supplied will be greater than 1500. Which of the following factors is definitely not associated with this change? Question 6 Questions 6 and 7 refer to the figure below. The U.S. would import rubber chickens if the world price was Question 7 What world price will lead the US to export rubber chickens? Question 8 In some markets, the supply of a product is fixed independently of the price. For example, there is only one Mona Lisa painting, and the supply of these paintings will not change when the price
changes. In these markets there will always be shortages. True or False?