Multiple Choice
Suppose that the price of wheat is above its equilibrium price. You would expect to see
A) a shortage on the market that causes prices to increase further.
B) an increase in quantity demanded because of the high price.
C) a leftward shift of the demand curve because of the high price.
D) sellers begin to lower their prices because of the surplus of wheat.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Which of the following will cause a
Q5: A market requires<br>A) sellers only.<br>B) buyers and
Q6: Other things being equal, an increase in
Q7: The law of supply includes the statement
Q8: A change in any of the ceteris
Q10: Which one of the following would cause
Q11: Which one of the following is NOT
Q12: Suppose a change takes place and the
Q13: When income increases, the demand curve for
Q14: After the price of milk increases, Susan