If the price of a good starts out above the equilibrium price, then
a. consumers will compete to bid the price up
b. suppliers will compete to bid the price up
c. suppliers will compete to bid the price down
d. consumers will compete to bid the price down
e. producers will hire more labor to produce more of the good
c. suppliers will compete to bid the price down
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Looking at the table above, real wages ________ from 2011 to 2012, and real wages ________ from 2012 to 2013.
A) fell; rose
B) fell; fell
C) rose; fell
D) rose; rose
The elasticity of a demand curve at any point can be ascertained by its steepness.
Answer the following statement true (T) or false (F)
In the first week in March 1933, ______ banks had shut their doors.
A. a few B. nearly half C. most D. all
If the government needs to raise revenue to pay for a public good, the ideal tax structure would tax
A. only citizens who state that they will use the public good. B. all citizens in proportion to their willingness to pay for the public good. C. all citizens by the same proportion of their income. D. all citizens by the same amount.