42. The automobile industry expects steel prices to rise next year due to growing demand for the construction of new cars. Holding everything else constant, this expectation will shift a. The supply curve for steel this year to the left b. The supply curve for steel this year to the right c. The supply for steel next year to the left d. The supply for steel next year to the right e. The demand for steel this year to the left 43. In an equilibrium in a competitive market for a good, price has adjusted so that the quantity a. Demanded is equal to the quantity supplied at that price b. Demanded is equal to the quantity supplied at all possible prices C. Supplied is greater than the quantity demanded at that price d. Demanded is greater than the quantity supplied at that price e. Demanded is equal to zero 44. An effective price floor will have what effect on the price of the product and quantity sold? Effect on the price of the product Effect on the quantity sold a. Decreases Increases b. Increases Increases C. Decreases Decreases d. Increases No impact e. Increases Decreases 45. Which of the following accurately describes a price floor and its' effects? i. A price is set above equilibrium ii. A price is set below equilibrium ili. A shortage occurs iv. A surplus occurs a. I only b. I and IV c. ll and Ill d. I, II, III e. I and Ill