If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are

When there is a surplus of a product in a market the:

a. price will rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.

An increase in the value of the U.S. dollar internationally, ceteris paribus, would result in

A. Higher revenues for U.S. farmers. B. Lower revenues for U.S. farmers. C. An increase in the dollar value of U.S. farmland. D. An increase in the domestic prices of U.S. farm products.