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1. In the market shown in Exhibit 14 the equilibrium price and quantity of good X are

a. $0.50, 200.
b. $1.50, 300.
c. $2.00, 100.
d. $1.00, 200.

2. In Exhibit 14, at a price of $2.00, the market for good X will experience a

a. shortage of 150 units.
b. surplus of 100 units.
c. shortage of 100 units.
d. surplus of 200 units.

3. In Exhibit 14, if the price of good X moves from$1.00 to $2.00, the new market condition will put

a. upward pressure on price.
b. no pressure on price to change.
c. downward pressure on price.
d. no pressure on quantity to change.

4. In Exhibit 14, if the market price of good X is initially $0.50, a movement toward equilibrium requires

a. no change, because an equilibrium already exists.
b. the price to fall below $0.50 and both the quantity supplied and the quantity demanded to rise.
c. the price to remain the same, but the supply curve to shift to the left.
d. the price to rise above $0.50, the quantity sup-plied to rise, and the quantity demanded to fall.

5. In Exhibit 14, if the market price of good X is initially $1.50, a movement toward equilibrium requires

a. no change, because an equilibrium already exists.
b. the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall.
c. the price to remain the same, but the supply curve to shift to the left.
d. the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.

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