If there were a shortage in a market, the quantity of the product demanded would be:
A) less than the quantity supplied, and the price would fall.
B) less than the quantity supplied, and the price would rise.
C) greater than the quantity supplied, and the price would fall.
D) greater than the quantity supplied, and the price would rise.
Correct Answer:
Verified
Q34: Market demand is:
A) the total amount of
Q35: The market supply of a product:
A) decreases
Q36: The force that drives a competitive market
Q37: A shortage occurs in a market when
Q38: A surplus occurs in a market when
Q40: If there were a surplus in a
Q41: The expected reaction to a shortage is:
A)
Q42: The expected reaction to a surplus is:
A)
Q43: Which of the following is an expected
Q44: Which of the following is an expected
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