A situation where quantity demanded exceeds quantity supplied is called a(n) ______.

If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that: a. Goods X and Y are complements. b. Goods X and Y are substitutes

c. Goods X and Y are normal goods. d. the price of Good Y will increase.

A nonbinding price ceiling (i) causes a surplus. (ii) causes a shortage. (iii) is set at a price above the equilibrium price. (iv) is set at a price below the equilibrium price

a. (i) only b. (iii) only c. (i) and (iii) only d. (ii) and (iv) only