1a. Why does the demand curve slope down and to the right?

Group of answer choices

As the price falls the quantity demanded by consumers will inrease

As the price falls the quantity demanded by consumers will decrease

As the price rises the quantity demanded by consumers will rise

The demand curve does not slope down and to the right

1b. Why does the supply curve slope up and to the right?

Group of answer choices

As the price rises the quantity supplied by producers will fall

As the price falls the quantity supplied by producers will rise

The supply curve does not slope up and to the right

As the price rises the quantity supplied by producers will rise

1c. What is equilibrium price?

Group of answer choices

The price at which producers make the most products

The point at which producers break-even, but don't make a profit

The point at which supply and demand intersect

The price at which consumers purchase the most products

1d. Which of the following would be caused by a price above the equilibrium point?

Group of answer choices

A glut

A surplus

A deficit

As shortage

1e. Why would a shortage likely lead to higher price?

Group of answer choices

Any time demand is higher than supply, prices tend to go up

A shortage means consumers are no longer buying the product or service

None of the above

Producers can't make profits if there is a shortage

2a. Which of the following would lead to an increase in the quantity demanded for golf balls?

Group of answer choices

An increase in the price of golf clubs

A decrease in the price of golf balls

None of the above

A decrease in the cost of producing golf balls

2b. Which of the following will cause a change in quantity supplied?

Group of answer choices

All of the above

A change in the market price of the good

A change in input prices

Technological change

A change in the number of firms in the market