q1 ) In the orange market, in which of the following cases will the equilibrium price necessarily increase?
1 Both the supply and demand curves both increase.
2 The price of apple juice has risen.
3 A bumper crop for oranges is expected.
4 Newspaper story of oranges causing cancer.
q2)In the Egg market, a price floor that is set above market equilibrium will cause
1 – queuing on the part of consumers.
2 a surplus.
3 a shortage.
4 an excess quantity demanded.
q3)If a group of sellers of bubble gum have decided to put more of that product on the market, this is shown graphically as:
1 -a shift to the left in the supply curve.
2 a shift to the left in the demand curve.
3 not enough information is given to answer this.
4 an increase in the quantity of demand which is movement along the demand curve.
q4)Which one of the following would cause an increase in the supply schedule of airplanes?
1 a decrease in the demand for planes.
2 an increase in taxes applied to plane producers.
3 an increase in the price of planes.
4 an improvement in the technology used to produce planes.