When a shortage exists in a market,sellers
A) raise price,which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
B) raise price,which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
C) lower price,which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
D) lower price,which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
Correct Answer:
Verified
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
Q21: The law of supply and demand asserts
Q22: A surplus exists in a market if
A)there
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
Q27: Suppose chocolate-dipped strawberries are currently selling for
Q28: Suppose that demand for a good decreases
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