Hi expert tutors. Thank you for your help in advance.

Answer the following questions with TRUE or FALSE. Explain your answer briefly using 1 or 2 sentences only.

1. On a supply and demand graph, a price floor keeps the price above the equilibrium market price.

2. In the law of supply and demand, there is only one price at which sellers will sell all they wish to sell at the same time that buyers will purchase all they wish to buy.

3. The law of supply stated that if the price of a good rises, the quantity supplied increases.

4. The market solution to a surplus is to stimulate enough demand to absorb the excess.

5. A price above the market equilibrium price results in a surplus.