Suppose that the quantity of cars demanded exceeds the quantity of cars supplied. We would expect that
A) the price of cars will increase.
B) the price of cars will decrease.
C) the supply will increase (supply will shift to the right) to meet the demand.
D) the demand will decrease (demand will shift to the left) to meet the supply.
A
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According to your authors, a necessary condition for the evolution of a successful commercial society includes
A) stable interest rates. B) reasonably secure property rights. C) a superabundance of natural resources. D) zero economic losses.
A nation should only import those goods for which it has
a. lower opportunity costs than its trading partner b. higher opportunity costs than its trading partner c. zero transaction costs d. lower costs of production than its trading partner e. absolute advantage in production compared to its trading partner