price games ames inco ost @ ased for Price so 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Quantity 12) (Use Fig. 2) If the good in the above figure is a normal good and income rises, then the new equilibrium Figure 2 quantity will A) decrease; increase and equilibrium price will B) increase; decrease C) increase; increase D) decrease; decrease 13) (Use Fig. 2) At a price of $7 in the above figure, there is A) a surplus of 4,000 _units. B) a shortage of 2,000 C) a surplus of 7,000 D) a shortage of 4,000 14) (Use Fig. 2) If there is shortage of 2,000 units, then the market price should be A) $6 B) $3 C) $4 D) $5 15) (Use Fig. 2) The initial supply and demand curves for a calculator are illustrated in the above figure. If there is a rise in the price of a microchip used to produce the calculator, then the new equilibrium price A) is more than $5. B) is $5. C) is less than $5. D) could be less than, equal to, or more than $5 16) (Use Fig. 2) The initial supply and demand curves for a calculator are illustrated in the above figure. If there is a rise in the price of a microchip (input) used to produce the calculator, then the new equilibrium quantity A) is less than 5,000. B) is more than 5,000. C) is 5,000. D) could be less than, equal to, or more than $5 Price Quantity 17) The figure above shows the demand and supply of SUVs (a normal good). Assume that the number of buyers increases. As a result, the A) demand curve shifts from D2 to D1 and the supply curve does not shift. B) demand curve does not shift, and the supply curve shifts from $2 to $1. C) demand curve shifts from D2 to D1 and the supply curve shifts from S2 to $1. D) demand curve shifts from D1 to D2 and the supply curve does not shift