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Question 1 Equilibrium occurs A

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Question 1 Equilibrium occurs A. when quantity demanded equals quantity supplied B. when price and quantity are equal C. when demand equals supply OD.when the price of the buyer equals the price of the seller
Question 2 A surplus A. usually forces the price of a product) down B. usually forces the price of a product) up C. occurs when the price of a product is too low D. is usually sold at a specialized store
Question 3 A transaction cost A. is the price of a good or service B. is the cost of time and information required for an exchange OC. is the cost of time and information for the supplier O D. is the cost of time and information for the buyer
Question 4 A price ceiling A. will create a surplus B. is the minimum legal price C. will create a shortage D. is imposed by the seller
Question 5 A price floor A. must be set above equilibrium price B. will create a shortage C. will create equilibrium D. is the maximum legal price