Multiple Choice
The price of a product rises if
A) demand for the product decreases.
B) supply of the product decreases.
C) there is a surplus of the product.
D) the price of a substitute product decreases.
E) the product is an inferior good and income increases.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: The concept of producer surplus is easiest
Q24: Figure 4.5.2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1013/.jpg" alt="Figure 4.5.2
Q25: At the market-clearing price, everyone who makes
Q26: In a voluntary exchange, the price must
Q27: Prices fall if supply decreases.
Q29: Consumer surplus is the difference between the
Q30: When demand decreases, price falls to eliminate
Q31: There is a shortage when quantity demanded
Q32: Deadweight loss is zero at an efficient
Q33: Rising prices for automobiles decrease the demand