6. Which of the below will not cause the demand for X, a normal good, to increase?
a) A decrease in the price of X.
b) A change in consumer taste in favor of product X.
c) An increase in consumer incomes.
d) An increase in the price of a substitute good.
e) A decrease in the price of a good that is a complement to X.
7. A price ceiling:
a) Is established by individual firms.
b) Does not requires government sanction for violators
c) Will result in a shortage of the good concerned.
d) Will cause new firms to enter the market.
8. If a producer overproduces and sets the price of his product too high to allow him to sell all of his production:
a) This will cause a lasting surplus of the good.
b) This will create a lasting shortage of the good.
c) This will cause a temporary excess-demand condition.
d) This will cause a temporary excess-supply condition.
9. A price floor:
b) Must be established by the government.
c) Will increase the demand of the good concerned.
d) None of the above.
10. An unusually bountiful crop of Florida oranges might be expected to:
a) Decrease the supply of oranges.
b) Reduce the price of orange juice.
c) Increase the demand for California oranges.
d) All of the above.
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