A surplus of shoes will cause
a. a decrease in the supply of shoes
b. a decrease in the demand for shoes
c. both a decrease in the supply of shoes and an increase in the demand for shoes
d. a decrease in the price of shoes, through a shift of either the supply curve or the demand curve
e. a decrease in the price of shoes
E
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Needs and wants are different. Wants are things that are:
a. Crucial, have to have b. Desired, but not necessary for survival c. Economic only d. Important for getting ahead
Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will
a. increase the supply of corn b. increase the supply of soybeans c. decrease the supply of soybeans d. decrease the supply of corn e. have no effect on the supplies of corn and soybeans