Please see the pictures below. I just need verification on the answers I have chosen, please and thank you. Two goods are said to be substitutes if an increase in income results in a decrease indemand.TrueO False If the price of a good or service is above the equilibrium price then the supply anddemand model predicts that there will beexcess supply (also known as a "surplus")excess demand (also known as a "shortage")both a surplus and a shortagenone of the above

At market prevailing price or Equilibrium where demand and supply of goods and services are equal .…

If the price of a good or service is above the equilibrium price then the supply and demand model predicts that there will be excess supply (also known as a "surplus") excess demand (also known as a "shortage") O both a surplus and a shortage none of the above

If the price of a good or service is above the equilibrium price then the supply and demand model predicts that there will be excess supply (also known as a "surplus") excess demand (also known as a "shortage") O both a surplus and a shortage none of the above

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 20SQ

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Question

Please see the pictures below. I just need verification on the answers I have chosen, please and thank you.

Two goods are said to be substitutes if an increase in income results in a decrease in
demand.
True
O False

If the price of a good or service is above the equilibrium price then the supply and
demand model predicts that there will be
excess supply (also known as a "surplus")
excess demand (also known as a "shortage")
both a surplus and a shortage
none of the above

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