The law of supply and demand asserts that
A) demand curves and supply curves tend to shift to the right as time goes by.
B) the price of a good will eventually rise in response to an excess demand for that good.
C) when the supply curve for a good shifts,the demand curve for that good shifts in response.
D) the equilibrium price of a good will be rising more often than it will be falling.
Correct Answer:
Verified
Q16: If the demand for a product decreases,then
Q18: Equilibrium quantity must increase when demand
A)increases and
Q19: Equilibrium price must decrease when demand
A)increases and
Q20: If the supply of a product decreases,then
Q22: A surplus exists in a market if
A)there
Q23: When a shortage exists in a market,sellers
A)raise
Q24: When the price of a good is
Q25: If a shortage exists in a market,then
Q26: Which of the following would cause price
Q259: If the supply of a product increases,
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