True or False:
1. If the quantity demanded does not equal the quantity supplied, a shortage will always occur.
2. At the equilibrium price, the quantity demanded equals the quantity supplied.
3. A decrease in demand results in a lower equilibrium price and a higher equilibrium quantity.
4. An increase in supply results in a lower equilibrium price and a higher equilibrium quantity.
5. An increase in supply, combined with a decrease in demand, will decrease the equilibrium price but result in an indeterminate change in the equilibrium quantity.
6. If supply increases and demand decreases, but the increase in supply is greater than the decrease in demand, the equilibrium quantity will decrease.
7. An increase in both demand and supply increases the equilibrium quantity.
8. Neither a price ceiling at the equilibrium price nor a price floor at the equilibrium price would have any effect on the market price or quantity exchanged.
9. A price ceiling decreases the quantity of a good exchanged, but a price floor increases the quantity of a good exchanged.
10. A minimum wage (price floor) is likely to be binding in the market for experienced and skilled workers.