If sellers expect the price of a good to rise in the future, what are they likely to do?
(A) Put more goods on the market immediately.
(B) Store goods now to sell more in the future.
(C) Raise their prices now.
(D) Set prices according to the law of demand.
Ans: (B) Store goods now to sell more in the future.
Economics
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Is this Nash equilibrium efficient?
a. Yes, because the sum of payoffs is highest b. No, because both the parties can do better c. No, because both the parties are maximizing their profits d. All of the above
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The highly centralized economies of North Korea and Cuba are ______ economies.
a. command b. mixed c. market d. traditional
Economics