1. Supply and Demand Quiz 2 (There may be more than one correct answer to each multiple-choice questions.)

2. 1.An increase in the price of computers will result in: A. An increase in the quantity demanded of computer software B. A decrease in quantity demanded of computer software C. A decrease in demand for computer software D. A decrease in demand for computers E. A decrease in the quantity demanded of computers

3. 2. Which of the following will cause an increase in demand for orange juice ? A. An increase in the price of apples B. An increase in the production of oranges in Florida because of favorable weather C. A declaration that orange juice prevents cancer D. A reduction in the price of orange juice E. An increase in incomes due to good economic conditions

4. 3. An increase in the supply of housing could be caused by: A. an increase in the wage of carpenters B. a decrease in the wage of carpenters C. an increase in the price of new homes D. higher incomes due to improved economic conditions E. the introduction of a new roofing material that costs less, is more durable, and can be installed twice as fast as the conventional shingles

5. Q P o D S 10 15 6 50 100 150 4. The above diagram represents the daily market for fish in a small coastal village. Complete the following statements: a.In a free market the price of fish will be ………and the quantity of fish caught and sold will be ……………. b. If a price ceiling of $6 is imposed on this market, …………..fish will be caught and ………………will be demanded.