Author Question: The price of a good will rise when: a. there is a shortage of the good. b. there is a surplus of ... (Read 57 times)

Evvie72 · **on:** Jun 30, 2018

The price of a good will rise when:
a. there is a shortage of the good. b. there is a surplus of the good.
c. demand for the good decreases. d. the supply of the good increases.

Question 2

When there is a shortage of a product in a market the:
a. price will fall.
b. price must be below the equilibrium price.
c. price must be above the equilibrium price.
d. producers will reduce output and sales will fall.