Another term for excess supply is shortage.
12.A simultaneous decrease in the demand and the supply of good X always leads to a decrease in the price of good X.
13.The sum of consumers' surplus and producers' surplus is maximized at equilibrium.
14.If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise.
15.The terms scarcity and shortage are synonyms.
16.Consumers’ surplus is the difference between the maximum price the buyer is willing and able to pay for a good and the actual price paid.
17.The market demand curve for a given product may be downward sloping even if no person in that market has a downward sloping demand curve.
18.Mutually beneficial trade between buyers and sellers drives a market to equilibrium.
19.The law of diminishing marginal utility helps to explain why supply curves are generally upward sloping.
20.As long as the maximum buying price of a good is less than the minimum selling price of that good, an exchange will occur.
21.In general, all markets equilibrate at the same speed.
22.An increase in supply is graphically represented by a leftward shift of the supply curve.
23.Demand takes into account goods, but not services.
24.If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium.
25.When a market is in disequilibrium, such as when the quantity supplied of a good is greater than the quantity demanded of that good, the price of the good will rise, ceteris paribus.
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