When a market equilibrium is achieved,
A) those who are willing to pay the most for the good obtain it.
B) government regulation will have succeeded.
C) anyone who has the skills to produce the good sells some.
D) shortages and surpluses become minor.
E) anyone who is willing to pay anything for the good obtains it.
If there is a surplus of a product, we can conclude that
A) the product's price is above equilibrium.
B) the product's price is too low for equilibrium.
C) quantity demanded exceeds quantity supplied.
D) the product's price will rise.
E) consumers want to buy more than is being made available by producers.
Consider the market represented by the schedule in Exhibit 3-1. At a price of $2 per unit,
A) the quantity purchased is 1,000 units.
B) there will be a tendency for the price to decrease.
C) there is a surplus of 300 units.
D) the quantity sold is 350 units.
E) the quantity purchased equals the quantity sold.
Consider the market represented by the schedule in Exhibit 3-1. At equilibrium,
A) there is a surplus of 500 units.
B) there is a shortage of 500 units.
C) the market price is $4 per unit.
D) the market price is $1 per unit and the quantity traded is 100 units.
E) 500 units are traded at a price of $3 per unit.