If, at a specific price, quantity demanded is greater than the quantity supplied, then price will
a. increase until the excess supply is eliminated
b. decrease until the excess supply is eliminated
c. increase until the excess demand is eliminated
d. remain unchanged, and quantity demanded will decrease
e. decrease, and quantity supplied will increase
If, at a specific price, quantity demanded is greater than the quantity supplied, then price will
c. increase until the excess demand is eliminated
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Which of the following changes aggregate supply and shifts the AS curve?
i. a change in the price of a major resource ii. increases in the amount of capital iii. a change in the money income of consumers A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
In which countries are incomes distributed most unequally and least unequally?
What will be an ideal response?
A tax on gasoline encourages people to drive smaller, more fuel-efficient cars. Which principle of economics does this illustrate?
a. People face tradeoffs. b. The cost of something is what you give up to get it. c. Rational people think at the margin. d. People respond to incentives.
The option writer is:
A. the seller of an option. B. the underlying asset of the option. C. the buyer of an option. D. the individual who obtains the rights.