What events most likely explain the following Wall Street Journal headline, "Cities Couldn't Give Away Their Trash; Now They Get Top Dollar"?
A. Supply initially exceeded demand, but a subsequent increase in the quantity of trash demanded not only eliminated the surplus, but led to a rise in the price of trash.
B. Quantity supplied initially exceeded quantity demanded, but a subsequent increase in the supply of trash not only eliminated the surplus, but led to a rise in the price of trash.
C. Quantity supplied initially exceeded quantity demanded, but a subsequent increase in the demand for trash not only eliminated the surplus, but led to a rise in the price of trash.
D. Supply initially exceeded demand, but a subsequent increase in the quantity of trash supplied not only eliminated the surplus, but led to a rise in the price of trash.
Answer: C
You might also like to view...
Explain why only final goods are included in GDP
What will be an ideal response?
A country is said to be in balance of payments equilibrium, when the sum of its current and its
A) non-reserved capital accounts equals zero. B) reserved capital accounts equals zero. C) non-reserved capital accounts equals to the surplus in the capital account. D) non-reserved capital accounts equals to the deficit in the capital account. E) non-reserved capital accounts is higher than the total capital account balance.
The economic hardship resulting from a financial crises is severe, however, there are also social consequences such as
A) increased crime. B) difficulty getting a loan. C) currency devaluations. D) loss of output.
If the quantity demanded of milk is 55,000 and the quantity supplied of milk is 80,000, then:
a. there is an excess supply of 25,000 units of milk. b. the price of milk will tend to rise to clear the market. c. consumers get the milk they want so market equilibrium exists. d. there is an excess demand of 25,000 units of milk. e. this is the intersection of market supply and demand curves.