Each Question below is a True or False Question. This is a practice Quiz for my upcoming test and I waned to know the correct answers for each one to help me prepare for my upcoming test. Any help is much appreciated!

1. If a technological advance in the production of widgets occurs then the supply curve for widgets shifts to right and a surplus will be created at the current price. That will decrease price, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity than the initial price and quantity.

2. A substantial demand decrease together with a smaller supply increase would necessarily result in a lower price and a decrease in equilibrium quantity.

3. A reduction in the price of an input that reduces the costs of production of a good will cause the supply curve for that good to shift to the right.

4. Equilibrium quantity will unambiguously increase when demand increases and supply does not change, when demand does not change and supply increases, and when both demand and supply increase

5. According to the law of demand, as the price of a good increases, the quantity demanded of that good decreases, ceteris paribus.

6. When the price of a good or service changes, quantity demanded remains the same but there is movement along the demand curve as demand changes.

7. A decrease in supply causes price to rise, demand to fall and quantity supplied to decrease.

8. As incomes increased for the residents of a city, the demand for Honda Accords increased and the demand for Honda Civics decreased. Given this change, the highly reliable Honda Civic is labeled as an inferior good and the Honda Accord is labeled a normal good.

9. Equilibrium price will unambiguously increase when supply decreases and demand does not change or when supply decreases and demand increases.

10. For a given market, suppose that the quantity demanded is 240 units if the price is $20 and the quantity demanded is 275 units if the price is $16. In addition, the quantity supplied is 240 units if the price is $20 and the quantity supplied is 200 units if the price is $16. If the actual price in the market is $16 then a shortage of 75 units would exist and price would rise.

11. The fundamental reason why most supply curves are upward sloping is that an increase in price gives profit-seeking producers an incentive to increase supply but not quantity supplied.

12. A weak demand increase together with a stronger supply increase would necessarily result in a higher quantity and a higher price.

13. Suppose that a technological advancement in production occurs and the number of buyers in this market increases. As a result, equilibrium quantity would increase, but the impact on the equilibrium price would be ambiguous.

14. Suppose the equilibrium price is $25. An increase in supply would cause a surplus at the price of $25 and price would fall below $25 as it moved to the new equilibrium

15. Both the price of related goods and the prices of the inputs used to produce the good are determinants of demand.

16. If an increase in income increases the demand for a good, then the good is described as a substitute good.

17. If the actual price is either above or below the equilibrium price the quantity sold in the market will be more than if the actual price is equal to the equilibrium price.

18. If a surplus exists in a market we know that the equilibrium price is above the actual price and quantity demanded is more than quantity supplied.

19. A rightward shift of the supply curve will decrease price, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity than the initial price and quantity.

20. A choice by George to buy more Pepsi because of a recent increase in the price of Coke is illustrated as a shift to the right of George's demand curve for Coke and reflects an increase in quantity demanded for Pepsi.

21. Both seller's expectations about the price of the product or seller's expectations about consumer demand for the product are determinants of supply,

22. Suppose Mario's pizza and Elizabeth's pizza are substitutes. If the price of Mario's pizza decreases, the quantity demanded of Mario's pizza will increase and demand for Elizabeth's pizza will decrease.

23. Holding the nonprice determinants of supply constant, a change in price would change the quantity supplied; however, supply would not change and the supply curve would not shift.

24. Suppose that the incomes of buyers increase in a particular market for an inferior good. In addition, there is an advance in production technology. As a result, equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous in this market.

25. If Donald experiences a decrease in pay, we would expect Donald's demand for inferior goods to increase.

26. A favorable news report about the nutritional benefits of apple juice consumption that changes tastes and preferences of households will have a direct effect on the supply of apple juice.

27. Suppose the equilibrium price is $50 and the equilibrium quantity is 750 units. An increase in demand would cause a surplus at the price of $50 and the quantity would fall below 750 units as the price moved to the new equilibrium.

28. When a shortage exists in the market, the price is below equilibrium. Consequently, buyers are willing to buy more than sellers are willing to sell at that price. If demand and supply curves do not move, more will be sold only if the price increases.

29. Suppose the supply of wheat in a competitive market decreases due to unfavorable weather conditions. As a result, there will be upward pressure on price that will move it to a new equilibrium that is above the initial equilibrium price and the elimination of a shortage as the quantity moves to equilibrium.

30. Suppose the supply of apples in a competitive market increases due to favorable weather conditions. As a result, a shortage of apples at the existing price will occur because the supply curve shifts to the left.