Econ 1014 Exam 2 Study Guide - Unit 2 Section 4 Equilibrium 1 If the price of the good is above the market equilibrium a There will be a shortage of the

Econ 1014 Exam 2 Study Guide - Unit 2 Section 4 Equilibrium...

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Unit 2 Section 4: Equilibrium1)If the price of the good is above the market equilibrium:a.There will be a shortage of the good and market forces will try to force the price down to equilibriumb.There will be a surplus of the good and market forces will try to force the price down to equilibriumc.There will be a shortage of the good and market equilibrium price will rised.There will be a surplus of the good and market equilibrium price will risee.None of the above2)If the price of the good is below the market equilibrium:3)When an economists says there is an excess demand in the market, she is saying:4)“Pe” refers to:5)Market equilibrium refers to:a.The point at which the demand curve intersects the supply curveb.The one market price that sets the quantity demanded equal to the quantity suppliedc.The one point in the market where there is no longer a shortage or surplusd.All of the abovee.None of the aboveUnit 2 Section 5: How Market Responds to a Change in Demand1)An increase in demand causes the demand curve to shift to the and is a decrease in the demand causes the demand curve to shift to the .Unit 2 Section 6: How Market Responds to a Change in Supply1)Which of the following would directly cause a “change in quantity supplied” of oil?
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