The price of a good will rise when:
A. there is a shortage of the good.
B. there is a surplus of the good.
C. demand for the good decreases.
D. the supply of the good increases.
Answer: A
You might also like to view...
The figure above represents the competitive market for slices of key lime pie. If the production is 80 slices per day, the cost of the 80th slice is
A) less than anyone is willing to pay for it. B) more than anyone is willing to pay for it. C) equal to what someone is willing to pay for it. D) indeterminant. E) equal to the deadweight loss from the 80th slice.
Refer to Table 21-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
Suppose a drop in prices in the stock market makes people feel less financially secure. This would cause __________ the economy's AD curve
A) movement down along B) movement up along C) a rightward shift of D) a leftward shift of
In the Heckscher-Ohlin model, what assumption is made about opportunity costs?
What will be an ideal response?