Home / Questions / Oil producers expect that oil prices next year will be lower than oil prices this year. As
Oil producers expect that oil prices next year will be lower than oil prices this year. As a result, oil producers are most likely to
a.place more oil on the market this year, thus shifting the present supply curve of oil rightward.
b.hold some oil off the market this year, thus shifting the present supply curve of oil leftward.
c.place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices.
d.hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.
22.Oil producers expect that oil prices next year will be higher than oil prices this year. As a result, oil producers are most likely to
a.place more oil on the market this year, thus shifting the present supply curve of oil rightward.
b.hold some oil off the market this year, thus shifting the present supply curve of oil leftward.
c.place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices.
d.hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.
23.Which of the following will not shift a supply curve?
a.a change in the price of relevant resources
b.a change in the good's own price
c.a change in the number of sellers
d.a change in per-unit costs brought about by a change in taxes.
24.At a price above the equilibrium price, there is
a.a shortage.
b.a surplus.
c.excess demand.
d.super-equilibrium.
e.none of the above
25.At a price below the equilibrium price, there is
a.a surplus.
b.a shortage.
c.excess supply.
d.sub-equilibrium.
e.none of the above
26.On a supply-and-demand diagram, equilibrium is found
a.where the supply curve intercepts the vertical axis.
b.where the demand curve intercepts the horizontal axis.
c.where the demand and supply curves intersect.
d.at every point on either curve
27.On a supply-and-demand diagram, quantity demanded equals quantity supplied
a.only at the single equilibrium price.
b.at every price at or above the equilibrium price.
c.at every price at or below the equilibrium price.
d.at every price.
28.At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value.
a.surplus; downward
b.surplus; upward
c.shortage; downward
d.shortage; upward
29.On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price.
a.shortage; above
b.shortage; below
c.surplus; above
d.surplus; below
30.On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve is shorter than the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price.
a.shortage; above
b.shortage; below
c.surplus; above
d.surplus; below
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