Multiple Choice
If the quantity demanded is greater than the quantity supplied:
A) firms will reduce the price.
B) some consumers will offer to pay more for the product.
C) a surplus results for the increased demand.
D) firms will decrease production to drive up the price.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: If the demand for iPhones rises as
Q11: Which circumstance will cause a movement down
Q19: When the supply curve shifts out (to
Q20: In the graph, an increase in quantity
Q21: Which statement is a CORRECT description of
Q25: Taxes and subsidies, and prices of other
Q29: (Figure: Interpreting Market Equilibrium) If the price
Q185: Willingness-to-pay _ from person to person and
Q226: Willingness-to-pay is the maximum amount one would
Q265: Long-term shortages and surpluses are almost always