ASAP

5 A. the price of the product will tend to rise B. quantity demanded equals quantity supplied C. quantity demanded exceeds quantity supplied D. quantity supplied exceeds quantity demanded 6. A fall in the price of raw milk, used in the production of ice cream, will: A decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left B. increase the supply of ice cream, causing the supply carve of ice cream to shift to the right Chave no effect on the supply of ice cream at all D. have no effect on the supply curve of ice cream, but will cause a downward movement along the supply curve of ice cream 7. An increase in the price of cheese, all else equal, is likely to have all of the following effects except a A decrease in the quantity demanded of cheese B. increase in demand for peanut butter (a substitute good) C. decrease in the demand for apple pie (a complimentary good) D. all of the above will occur 8. A long-run demand curve, as compared to a short-ran demand curve for the same commodity is generally A more elastic Bless elastic C. of the same elasticity D. steeper if the curves are plotted against the same horizontal scale 9. Assuming that beef and pork are substitutes a decrease in the price of pork will cause the demand curve for beef to A. shift to the left as consumers switch from beef to pork B. shift to the right as consumers switch from beef to pork Cremain unchanged, since beef and pork are sold in separate markets D. none of the above 10. Demand is said to be inelastic when A. the percentage change in quantity demanded is greater than the percentage change in price of a good B. in a linear demand curve, quantity demanded is close to zero (given the price) so that the percentage change in quantity demanded will be very high C. the percentage change in price exceeds the percentage change in quantity demanded of a good D. a relatively small change in price results in a relatively big change in quantity demanded Practice (5 points) Market of potatoes is presented by following data. The price min - 2. quantity min - 2. quantity max - 8, price max = 10, equilibrium price = 6, equilibrium quantity of demand and supply = 4. 1. If price is 2. Calculate excess of demand and show on the graph? 2. If price is 10. Calculate excess of supply and show on the graph