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1. The law of demand is illustrated by a demand curve that is:

Downward sloping

2. Which would cause a decrease in the quantity of computers supplied?

A decrease in the demand for computers

3. When the price of oil declines significantly, the price of gasoline also declines. The latter occurs because of a(n):

increase in the supply of gasoline.

4. A schedule which shows the various amounts of a product producers are willing and able to produce at each price in a series of possible prices during a specified period of time is called:


5. If the quantity supplied of a product is less than the quantity demanded, then:

There is a shortage of the product

6. If the market price is above the equilibrium price:

A surplus will occur and producers will produce less and lower prices

7. A competitive market will:

achieve an equilibrium price.

8. A product market is in equilibrium:

where the demand and supply curves intersect.

9. A headline reads "Storms destroy half of the lettuce crop." This situation would lead to a(n):

Increase in the price of lettuce and decrease in quantity purchased

10. Government-set price floors and price ceilings:

B. Interfere with the rationing function of price in a free market

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