in which of the following staements are the terms demand sup

in which of the following staements are the terms demand, supply, quantity demanded, and quantity supplied used correctly?

(A) when the quantity demanded exceeds supply, the equilibrium price will rise (B)Oranges are cheaper in Florida, and therefore the demandis greater in Florida (C)If the demand rises, supply rises (D) All of these (E) changes in the demand and supply cause changes in the equilibrium price

Solution

(A) Correct.

In any market, if quantity demanded exceeds supply, a market shortage is created which increases price.

(B) Correct.

Law of demand states that higher quantity is demanded at lower price.

(C) Wrong.

Supply & demand are driven by different factors and they don\'t change simultaneously.

(E) Correct.

Higher (lower) demand increases (reduces) price, and higher (lower) supply lowers (raises) price.