17. Quantity supplied is the amount of a commodity that
a.producers wish to sell at a given price during a given period of time
b.producers actually sell during given period of time at a given price
c.households wish producers to sell during a given period of time at a given price
d.is exchanged between producers and consumers at all possible prices

18.To say the supply curve is positively sloped means that
a.as price goes up, quantity supplied will decrease
b.consumers will want to buy less at higher prices
c.quantity supplied is greater at higher than lower prices
d.if the costs of production increase, the quantity supplied will have to increase also.

19.An equilibrium price is
a.the market-clearing price
b.the price at which quantity demanded of the commodity is equal to the quantity supplied
c.is reached in the marketplace though the interaction of the forces of demand and supply
d.the one toward which the price will tend in a free market
e.all of the above
For problems 23 – 25

PriceQuantity SuppliedQuantity Demand
400700
500650
600600
700550
800500
23.In the table above, the equilibrium price for umbrellas is _______
a.
b.
c.
d.
e.

24. In the table above, what number of umbrellas would actually be purchased if the price were ?
a.400
b.500
c.550
d.650
e.700

25. In the table above, at a price of _________ there would be an excess _________ of umbrellas.
a.; supply
b.; supply
c.; demand
d.; demand
e.; demand

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