19. An announcement that smoking will harmyour ability to think clearly will mos

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19. An announcement that smoking will harmyour ability to think clearly will most likely result in: (Points:3)
      an increase in the quantity of cigarettesdemanded.
       a decrease in thedemand for cigarettes.
       no change in smokinghabits.
       an increase in theprice of cigarettes.


20. Given that chicken and beef aresubstitute goods, if the price of chicken decreases substantially,there would be: (Points: 3)
       an increase inthe demand for beef.
       a decrease in thedemand for beef.
       a decrease in thequantity of beef demanded.
       no change in thedemand for beef.


21. The primary difference between a changein supply and a change in the quantity supplied is: (Points: 3)
       a change in quantitysupplied is a movement along the supply curve, while a change insupply is a shift in the supply curve.
       both a change inquantity supplied and a change in supply are movements along thesupply curve, only in different directions.
       a change in supply isrelated to the supply curve, while a change in quantity supplied isrelated to shifts in the demand curve that elicit a change insupply.
       a change in supply isa movement along the supply curve, while a change in quantitysupplied is a shift in the supply curve.


22. A competitive market with flexible pricesand many buyers and sellers will: (Points: 3)
       eliminatesurpluses.
       eliminateshortages.
       reach an equilibriumwhere the market has no surpluses or shortages.
       accomplish all of theabove.


23. If the quantity of housing supplied in acommunity is greater than the quantity of houses demanded, theexisting price: (Points: 3)
       is above the marketequilibrium price.
       will rise to clear themarket.
       will either rise orremain unchanged.
       is below the marketequilibrium price.


24. An increase in demand, with no change insupply, will lead to ________ in equilibrium quantity and ________in equilibrium price. (Points: 3)
       an increase; anincrease
       an increase; adecrease
       a decrease; anincrease
       a decrease; adecrease


25. Suppose that the average cost of adoctor's visit is $100. If the government imposes a price ceilingof $50 on the cost of a doctor's visit, there will be: (Points:3)
       an excess supply ofdoctor's visits.
       an excess demand fordoctor's visits.
       an increase in theequilibrium number of doctor's visits.
       no change in thenumber of doctor's visits.


26. In a black market, goods or services arebought and sold: (Points: 3)
       at night.
       without anyinformation about quality.
       without anyinformation about price.
       illegally.

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