Problem 1: The primary difference between a change in supply and a change in the quantity supplied is
a. Change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve
b. Both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. .
c. A change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that elicit a change in supply
d. Change in supply is a movement along the supply curve, while a change in quantity supplied is a shift in the supply curve.
Problem 2: If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price.
a. is above the market equilibrium price
b. will rise to clear the market
c. will either rise or remain unchanged
d. is below the market equilibrium price
Problem 3: An increase in demand with no change in supply will lead to ...... in equilibrium quantity and ......... in
a. an increase; an increase
b. an increase; a decrease
c. a decrease; an increase
d. a decrease; a decrease