Which of the following is evidence of a surplus of bananas?

Question 1 options:

Firms raise the price of bananas.

The price of bananas is lowered in order to increase sales.

The equilibrium price of bananas rises due to an increase in demand.

The quantity of bananas demanded is greater than the quantity supplied.

Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are

Question 2 options:

substitutes.

both inferior goods.

complements.

both luxury goods.

Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

Question 3 options:

a decrease in the price of flour

an increase in the price of flour

an increase in the price of rye bread, a substitute for white bread

an increase in the price of butter, a complement for white bread

When the government taxes a good or service, it

Question 4 options:

affects the market equilibrium for that good or service.

eliminates the deadweight loss associated with the good or service.

increases consumer surplus for the good or service.

increases producer surplus for the good or service.

Consumer surplus in a market for a product would be equal to ________ if the market price was zero.

Question 5 options:

zero

the area between the supply curve and the demand curve

the area above the supply curve

the area under the demand curve