If the price of tennis rackets were to increase, we would expect: a. the supply of tennis balls to increase, leading to a movement along the demand curve for tennis balls. b. the demand for tennis balls to decrease. c. the supply of tennis balls to decrease. d. the demand for tennis balls to increase. QUESTION 7 Today's demand curve for gasoline could shift in response to O a. a change in today's price of gasoline. O b. a change in the expected future price of gasoline. Oc. a change in the number of sellers of gasoline. O d. All of the above are correct. QUESTION 8 Which of the following is the correct way to describe equilibrium in a market? O a. At equilibrium, demand equals supply. O b. At equilibrium, quantity demanded equals quantity supplied. Oc. At equilibrium, the "fairest" price for output is achieved. d. At equilibrium, market forces no longer apply. QUESTION 9 To the extent that a governmental price control succeeds in affecting price, it can be expected to lead to a corresponding: O a. reduction in the volume of sales only if the price is forced down. O b.decrease in the volume of sales whether the price is forced up or down. O c. increase in the volume of sales whether the price is forced up or down. d. reduction in the volume of sales if the price is forced down and an increase in the volume of sales if the price is forced up. QUESTION 10 A positive externality will cause a market to produce: a. more than the efficient equilibrium output level. O b.1 ess than the efficient equilibrium output level. Oc. the efficient equilibrium output level. Od. None of the above.