If a market reflects a shortage and prices are allowed to move:
A) supply will increase.
B) demand will decrease.
C) price will decrease.
D) price will increase.
Ans: D) price will increase.
Economics
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Evaluate the following statement: "Water is plentiful, therefore it can't be a scarce resource like oil which is not as plentiful."
What will be an ideal response?
Economics
In the above figure, if the natural monopoly is not regulated then consumer surplus is
A) $48 million. B) $60 million. C) $108 million. D) $192 million.
Economics