79) Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today?

Price will decrease; quantity is ambiguous.

Price will increase; quantity will decrease

Price will increase; quantity is ambiguous.

Price will increase; quantity will increase

Answer is:

Price will increase; quantity will increase

decrease in supply.

increase in demand

increase in supply.

decrease in demand.

Answer is:

There must be many buyers

There must be many sellers

The buyers and sellers must trade an identical item

The item traded must be a product

Answer is:

If there is excess demand, the price will rise

If there is excess supply, the price will fall

If there is no excess demand or excess supply, the market will be in equilibrium

A market which is out of equilibrium will always move rapidly to the equilibrium

Answer is:

There will be a fall in quantity supplied and a rise in quantity demanded

There will be a fall in quantity supplied and a rise in demand

There will be a fall in supply and a rise in quantity demanded

There will be a fall in supply and a rise in demand

Answer is: