1) What is the equilibrium price and quantity for baseballs? a) $4 and 400 baseballs b) $6 and 200 baseballs  c) $1 and 700 baseballs d) $4 and 100 baseballs 2) How many birthday cakes are demanded at $15? a) 30 b) 20 c) 10 d) 40 3) If a surplus of a product exists, has the seller priced it above or below the equilibrium price? a) Above b) Below 4) If demand is greater than supply, which of the following exists? a) Equilibrium b) Surplus c) Shortage 5) What is the equilibrium QUANTITY for birthday cakes? a) 10 b) 14 c) 20 d) 0 6) A shortage of 200 baseballs would occur at which price? a) $6 b) $4 c) $5 d) $3 7) A surplus of 20 birthday cakes would occur at what price? a) $12 b) $15 c) $13 d) $14 8) What would happen if birthday cakes were priced at $12? a) Shortage of 20 b) Equilibrium c) Surplus of 40 d) Shortage of 40 9) How many baseballs are supplied at $ 6? a) 600 b) 200 c) 300 d) 500 10) 600 baseballs are demanded at what price? a) $6 b) $4 c) $1 d) $2

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