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1) In the market for apartment housing, the quantity of available apartments is observed to be less than the number of renters who 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?


(1 point)

(A) a market equilibrium price less than $30


B a market equilibrium quantity less than $30


C a market equilibrium quantity greater than $30


D a market equilibrium price greater than $30

5) A
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1. The market is said to be in disequilibrium because there is a shortage of apartments on the market

2. The equilibrium quantity of the good or service will decrease if  demand decreases and supply decreases

3. The equilibrium price for this market is $20

4. It can be said that at a price level of $100 there is a  a shortage of 0.4 million units

Equilibrium is the point at which quantity demanded equal quantity supplied

The price at this point is referred to as the equilibrium price.

Above equilibrium, there is a surplus - quantity supplied exceeds quantity demanded. As a result of the surplus, price would fall until equilibrium is reached.

Below equilibrium, there is a shortage - quantity demanded exceeds quantity supplied. As a result of the shortage, price would rise until equilibrium is reached.

A decrease in demand would lead to a leftward shift of the demand curve. As a result, quantity and price decreases.  A decrease in supply would lead to a leftward shift of the supply curve. This leads to a decrease in quantity and an increase in price. Taking these two effect together, equilibrium quantity would decrease and there would be an indeterminate effect on equilibrium price

Equilibrium price is $20. This is because this is the price at which quantity demanded exceeds quantity supplied

There is a shortage because quantity supplied is less than quantity demanded

Shortage = 5.2 million - 4.8 million = 0.4 million

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