Answer the following statements true (T) or false (F)
1 An increase in supply will increase the quantity demanded.
2. A bumper corn crop will increase both producer and consumer surplus.
3. A market shortage occurs in a market when the quantity supplied at a given price exceeds the
quantity demanded.
4. A market surplus occurs in a market when the quantity supplied at a given price is greater than
the quantity demanded.
5. The producer's supply response under a cobweb adjustment response is based on the previous
period price.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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