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Questions and Answers

(1123 solutions)

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If the price of a good is below the equilibrium price, ________.

d. there is a shortage and the price will rise...

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Posted by Cleveland on August 30, 2024
If the price of a good is above the equilibrium price, ________.


 there is a surplus and the price will fall...

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Posted by Cleveland on August 30, 2024
All of the following shift the supply of smartphones to the right except ________.

a. an increase in the price of smartphones...

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Posted by Cleveland on August 30, 2024
Which of the following shifts the demand for pizza to the right?

c. A decrease in the price of soda if soda and pizza are complements...

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Posted by Cleveland on August 30, 2024
 monopolistic market has ________.

a. only one seller...

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Posted by Cleveland on August 30, 2024
If an increase in consumer incomes leads to a decrease in the demand for hamburger, then hamburger is ________.

. an inferior good....

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Posted by Cleveland on August 30, 2024
The law of supply states that an increase in the price of a good ________.


d. increases the quantity supplied of that good....

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Posted by Cleveland on August 30, 2024
he law of demand states that an increase in the price of a good ________.


b. decreases the quantity demanded for that good....

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Posted by Cleveland on August 30, 2024
If an increase in the price of chicken leads to an increase in the demand for fish, then chicken and fish are ________.

a. substitutes...

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Posted by Cleveland on August 30, 2024
A perfectly competitive market has ________.

c. many buyers and sellers...

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Posted by Cleveland on August 30, 2024