Question 1 (1 point) Higher prices generally 0 discourage producers from entering a market. 0 motivate consumers to buy. 0 discourage consumers from seeking a substitute. 0 motivate producers to enter a market. Question 2 {1 point) Consider the following supplydemand diagram: The Market for Skateboards $100- .5 1.0 1.5 2.0 Quantity (mllliom) If the sale price is established at $40. 0 there will be a shortage of approximately 500 thousand skateboards. 0 there will be a shortage of approximately 750 thousand skateboards. 0 there will be a surplus of approximately 750 thousand skateboards. 0 there will be a surplus of approximately 500 thousand skateboards. Question 3 [1 point) The diagrams in this question represent market supply and demand curves. A big supplier shuts down its production for personal reasons. The selected diagram, showing a shift from position 1 to position 2, represents what happens as a consequence of this move. OPA OP A OPA a OPAQuestion 4 {1 point} Price ceiling is a O regulated minimum sale price, established when there is a surplus of the product in the market. 0 regulated maximum sale price, established when there is a shortage of the product in the market. 0 regulated minimum sale price. established when there is a shortage of the product in the market. 0 regulated maximum sale price, established when there is a surplus of the product in the market. Question 5 {1 point} If there is a surplus, then 0 quantiTy demanded is less than the quantity.' supplied 0 quantiTy demanded is either greater or less than the quantity supplied 0 quantity demanded is greater than the quantity supplied 0 quantity demanded equals the quantity supplied Question 6 {1 point} At the equilibrium price, 0 quantity demanded is greater than the quantity supplied 0 quantity demanded is less than the quantity supplied 0 quantity demanded is either greater or less than the quantity supplied 0 quantity demanded equals the quantityr supplied Question 1 {1 point} The following is a market supply-demand diagram for a specific product. When the market price is established at P1, P2. and P3, there will be, respectively: 0 surplus, shortage, and equilibrium. 0 equilibrium. surplus. and shortage. O shortage, equilibrium, and surplus. O surplus, equilibrium. and shortage. Question 8 {1 point} Price ceilings are 0 established below equilibrium, to protect consumers. 0 established above equilibrium. to protect producers. 0 established below equilibrium, to protect producers. 0 established above equilibrium. to protect consumers. Question 9 (1 point) Consider the following supply-demand diagram: The Market for Skateboards $100- 80- Price 60- 40- 20- 0 .5 1.0 1.5 2.0 Quantity (millions) If the sale price is established at $100, O there will be a shortage of approximately 1.5 million skateboards. there will be a surplus of approximately 1.5 million skateboards. O there will be a surplus of approximately 2 million skateboards. O there will be a shortage of approximately 2 million skateboards.Question 10 [1 point} The diagrams in this question represent market supply and demand curves. A big supplier decides to shut down its production for personal reasons. Two possible responses of the market, to recover its equilibrium, can be: 0 lower prices or increase the demand. 0 raise prices or increase the demand. 0 raise prices or decrease the demand. 0 lower prices or decrease the demand. Question 11 (1 point) Consider the following supply-demand diagram: The Market for Skateboards $100- 80- 60- Price 40- 20- 0 .5 1.0 1.5 2.0 Quantity (millions) At equilibrium, 1 million skateboards are produced at $60 each but not all of them are sold. O) 1 million skateboards are sold at $60 each but the quantity supplied is greater than that. O 1 million skateboards are produced and sold at $60 each. 2 million skateboards are produced and sold at $100 each.Question 13 [1 point} Lower prices generally 0 discourage producers from leaving a market. 0 discourage consumers from buying. 0 motivate consumers to buy. 0 motivate producers to enter a market. Question 14 [1 point) > Saved The diagrams in this question represent market supply and demand curves. A prestigious university releases a study showing that chicken eggs increase the chances of heart disease. The selected diagram, showing a shift from position 1 to position 2, represents what happens as a consequence of the press release. OPA D OPA O OPA OP A aQuestion 15 [1 point} If there is a shortage. then 0 quantiTy demanded equals the quantity supplied 0 quantiTy demanded is greater than the quantity.' supplied 0 quantiTy demanded is less than the quantity.' supplied 0 quantity demanded is either greater or less than the quantity supplied Question 16 [1 point} Price floors are 0 established below equilibrium, to protect producers. 0 established above equilibrium. to protect consumers. 0 established above equilibrium. to protect producers. 0 established below equilibrium, to protect consumers. Question 17 [1 point} The diagrams in this question represent market supply and demand curves. A prestigious university releases a study showing that chicken eggs increase the chances of heart disease. To regain equilibrium, the industry can either 0 lower prices or increase the supply. 0 lower prices or decrease the supply. 0 raise prices or increase the supply. 0 raise prices or decrease the supply. Question 18 [1 point} Price floor is a O regulated minimum sale price. established when there is a shortage of the product in the market. 0 regulated minimum sale price, established when there is a surplus of the product in the market. 0 regulated maximum sale price, established when there is a surplus of the product in the market. 0 regulated maximum sale price, established when there is a shortage of the product in the market