If price rises,
A. there may have been an increase in demand.
B. there may have been an increase in supply.
C. there may have been a decrease in demand.
D. there must have been a decrease in equilibrium quantity.
A. there may have been an increase in demand.
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What is the marginal rate of substitution, and what role does it play in determining the consumer’s optimum choice?
What will be an ideal response?
If the demand curve for comic books is expressed as Q = 10,000 * p-1, then demand has a unitary elasticity
A) only when p = 10,000. B) only when p = 100. C) always. D) never.
Use the above table. If the marginal revenue product is $10, how many workers will the profit maximizing monopsonist hire?
A) 1 B) 2 C) 3 D) 4
An excess burden is present when taxpayers alter their behavior on account of taxation.
Answer the following statement true (T) or false (F)