3. An increase in product price will cause:

4. Assume in a competitive market that price is initially above the equilibrium level. We can predict that price will:

5. If the consumer incomes increase, the demand for product X:

6. If the demand curve product B shifts to the right as the price of product A declines, then:

7. If the supply and demand curves for product both decrease, then equilibrium:

8. If there is a shortage of product X, and the price is free to change:

9. In the past few years, the demand for donuts has greatly increased. This increase in demand might be best explained by:

10. One can say with certainty that equilibrium price will decline when supply:

11. Other things equal, if the price of a key resource used to produce product X falls, the:

12. The demand curve shows the relationship between:

13. Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?

14. Which of the following will cause the demand curve for product A to shift to the left?

15. Which of the following would not shift the demand curve for beef?