AGR 204 Test 1 Spring 2018 Name: Hannah Patrick
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Question 1 (20 points):
The following are common errors students make when discussing supply and demand.
What is the mistake in each?
a. At equilibrium, demand equals supply.
It should be the quantity demanded equals quantity supplied when equilibrium is
reached.
b. The quantity of demand is greater than the quantity of supply.
It should be quantity demanded not quantity of demand.
c. They move along the line from both ends to an equilibrium in the middle.
