Which of the following would cause price to decrease?
a. a decrease in supply
b. an increase in demand
c. a surplus of the good
d. a shortage of the good
c
You might also like to view...
The Arrow impossibility theorem explains
A) why government regulation of private markets will always result in a reduction in economic efficiency in these markets. B) why voters are always rationally ignorant. C) why there is no system of voting that will consistently represent the underlying preferences of voters. D) why it is not possible to provide the economically efficient amount of any public good.
Leisure time is not subject to diminishing marginal utility
a. True b. False
Free trade is, in essence, a roundabout way to wealth based upon comparative advantage
Indicate whether the statement is true or false
Prohibiting the use of “dirty” fuels by industry is an example of
A. voluntarism. B. direct controls. C. taxes on emissions. D. the permit to pollute.