If demand decreases and the price doesn't change, there will be
A. a surplus.
B. neither a shortage nor a surplus.
C. both a shortage and a surplus.
D. a shortage.
Answer: A
You might also like to view...
Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Marco's consumer surplus from the purchase is
A) $5. B) $60. C) $140. D) $200.
The cost of capital is:
a. concerned with what a firm has to pay for the capital b. the rate of return required by investors c. determined in the capital markets d. all of the above e. b and c only
Economic rent is a payment for a factor of production that elicits an increase in the quantity supplied
a. True b. False Indicate whether the statement is true or false
In the short-run, a fall in demand results in _____ while in the long-run, a fall in demand results in ______
A. an increase in output and prices; a decline in output only B. a fall in prices and an increase in output; no change in output or prices C. a fall in prices only; and fall in output and prices D. a fall in output and prices; a fall in prices only