Multiple Choice
Suppose supply decreases, but there is no change in demand. As the market reaches its new equilibrium:
A) excess demand will lead the price to rise.
B) excess supply will lead the price to rise.
C) excess demand will lead the price to fall.
D) excess supply will lead the price to fall.
Correct Answer:
Verified
Correct Answer:
Verified
Q98: If there are no unexploited opportunities for
Q99: Refer to the accompanying figure. An increase
Q100: The situation described in the book as
Q101: As the price of flour (an input
Q102: Refer to the given table. Relative
Q104: If the demand for gadgets increases as
Q105: A decrease in both the equilibrium price
Q106: A market equilibrium:<br>A)leaves unexploited opportunities for individuals.<br>B)maximizes
Q107: Refer to the given table.
Q108: The quantity that sellers wish to sell