Which of the following occurs if the price of oranges is below the equilibrium price? aThere is a surplus of oranges. bThe quantity supplied of oranges is greater than the quantity demanded. cThe quantity supplied of oranges is greater than the quantity sold. dThe quantity purchased of oranges is greater than the quantity sold. eThe quantity demanded of oranges is greater than the quantity supplied.

Equilibrium occurs:Question 3Select one:a.at the lowest price consumers are willing to pay.b.at any price for which quantity demand is equal to quantity supply.c.at any price for which quantity demanded is less than the quantity supplied.d.at any price for which quantity demanded is greater than the quantity supplied.e.at the highest price consumers are willing to pay.

If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall untilGroup of answer choicesthe quantity demanded exceeds the quantity supplied. The market will then be in equilibrium.quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price.all consumers will be able to afford the product.quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.

Question 12If the price of a good is held above the equilibrium price:1 pointdemand will decrease.quantity demanded will exceed quantity supplied.quantity supplied will exceed quantity demanded.supply will increase.

According to the law of supply which of the following is true.Question 15Select one:a.The higher the price the higher the quantity supplied.b.The lower the price the higher the quantity suppliedc.Price only influences quantity demanded.d.Price has no influence on the quantity suppliede.A higher price means less will be supplied.

At a price of $10, the quantity demanded of pizzas is 100 and the quantity supplied is 150. Which of the following statements must be true? aThere is a shortage of pizza at a price of $10. bThe equilibrium price of pizza is below $10. cThe quantity of pizzas sold will be 150. dAt equilibrium, fewer than 100 pizzas will be sold. eThe pizza market is in equilibrium.