A shortage will occur whenever Question 10 options: the supply curve is upward s
ID: 1160345 • Letter: A
Question
A shortage will occur whenever
Question 10 options:
the supply curve is upward sloping.
price is above the equilibrium price.
price is equal to the equilibrium price.
price is below the equilibrium price.
A market requires
Question 9 options:
government intervention.
sellers only.
buyers and sellers.
buyers only.
A decrease in supply will occur when
Question 7 options:
the supply curve shifts upward to the left.
the supply curve shifts downward to the right.
the demand curve shifts downward to the left.
the demand curve shifts upward to the right.
for which demand increases when income increases.
on which a monetary value cannot be placed.
that is liked only by normal people.
for which demand increases when price increases.
According to the law of demand, the quantity demanded of a good is related to
Question 2 options:
income.
any factor that affects the decision of an individual consumer but not the market.
the relative price of that good.
the average price of all goods.
the supply curve is upward sloping.
price is above the equilibrium price.
price is equal to the equilibrium price.
price is below the equilibrium price.
Explanation / Answer
10) A shortage is a situation when there is an excess demand.. Meaning demand is high but the supply is low (a shortage). This happens when the price is below the equilibrium price. When this happens, given the law of demand, demand for the good rise and given the law of supply, the supply falls. This creates a shortage.
Thus, 'price is below the equilibrium price' is the answer
9) A market requires 'buyers and sellers'. Market itself is defined as a place where buyers and sellers come together and strike a deal where the buyer offers a buy price and seller offers a selling price and interaction among them helps to arrive at an equilibrium. Thus buyers and sellers make a market.
7) A decrease in supply occurs when supply shifts upwards to the left. In this case, the price of the good remains the same but the supply curve shifts because of factors other than own price and causes a fall in quantity supplied.
4) A normal good is a good 'for which demand increases when income increases' by definition
2) Acc to the law of demand, the quantity demanded of a good is related to "relative price of that good" by definition.
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