Unit 2 Test on Supply, Demand and Equilibrium Name 11. Determine if a shortage, surplus, or equilibrium exists in each of the following situations: a. Fewer students apply for first year classes at College X than there are spaces available. _Surplus b. People who want to attend a baseball game are told that the tickets sold out the day before. Shortage c. Houses for sale used to stay on the market six months before selling. Now, they stay on the market only two months. 12. The National Football League "blacks out" local television of football games when the gam advance. The NFL supports this action because it a. Increases the demand forfootball tickets. b. Reduces the supply of football tickets Reduces the price of football tickets. Increases the amount of money that the net- works pay to televise NFL games. 13. An inferior good is for which demand falls as income rises and for which demand rises as income falls. that is expected to last less than three years. for which demand remains unchanged as income rises or falls. that is consumed jointly with another good 14. Many factors can cause supply to shift, but only one factor causes a change in quantity sup price number of sellers technology shipping costs 15. Suppose an unexpected frost damages the orange crop in Florida. Which of the following of events? The supply of oranges decreases, the supply curve shifts to the right, and the equilibrium The supply of oranges increases, the supply curve shifts to the left, and the equilibrium The supply of oranges increases, the supply curve shifts to the right, and the equilibrium . The supply of oranges decreases, the supply curve shifts to the leftt, and the equilibrium 16. When additional units cannot be produced or there is no time to produce more, the supply is horizontal is upward sloping, left to right. is vertical. will shift. 17. Which of the following will NOT change the demand for a product? a change in the price of a substitute a change in income a change in expectations about the future price of the product ge in the price of the product