In response to a shortage the market price of a good will rise;as the price rises,the demand will decrease and supply will increase until equilibrium is reached.
Correct Answer:
Verified
Q141: A shortage occurs when the market price
Q142: If the demand for letters written by
Q143: A surplus occurs when the actual selling
Q147: Scarcity is defined as the situation that
Q150: In response to a surplus the market
Q156: What is the difference between a market
Q160: A surplus occurs when the market price
Q161: Assume that the price for swimming pool
Q167: Nearly a quarter of China's 1.3 billion
Q170: Prices of California Merlot wine (assume that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents