Multiple Choice
Falling prices for a service
A) create incentives for consumers to find cheaper substitutes.
B) eliminate shortages.
C) decrease quantity demanded of the service.
D) decrease supply of the service.
E) do none of the above.
Correct Answer:

Verified
Correct Answer:
Verified
Q176: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1013/.jpg" alt=" Figure 4.5.1 -Look
Q177: For exchange to be voluntary the price
Q178: The concept of consumer surplus is easiest
Q179: At an efficient market outcome,<br>A) total consumer
Q180: Rising prices for a product<br>A) create incentives
Q182: Falling prices for a product<br>A) create incentives
Q183: Farm land can be used to produce
Q184: Without appropriately defined property rights, markets fail.
Q185: Prices rise if demand increases.
Q186: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1013/.jpg" alt=" Figure 4.2.3. -Look