If a market begins in equilibrium and then the demand curve shifts leftward, a
A) surplus is created, which is eliminated by a rise in price.
B) shortage is created, which is eliminated by a rise in price.
C) shortage is created, which is eliminated by a fall in price.
D) surplus is created, which is eliminated by the supply curve shifting leftward.
E) surplus is created, which is eliminated by a fall in price.
E
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In economic terms, religious and spiritual services are treated as: a. goods that people desire. b. resources or inputs
c. marginal benefits. d. priceless commodities.
Which of the following most accurately states the function of middlemen?
a. Middlemen add to the expense of buyers and sellers without providing any benefit. b. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. c. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net revenue. d. Middlemen create value by arranging trades and providing information to buyers and sellers.