A market will experience a ____ when the price is above equilibrium and a ____ when the price is below equilibrium.
A. shortage, shortage
B. surplus, surplus
C. shortage, surplus
D. surplus, shortage
Answer: D
Economics
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Which of the following sayings describes the concept of diminishing marginal utility?
a. time is money b. penny wise and pound foolish c. absence makes the heart grow fonder d. a penny saved is a penny earned e. a fool and his money are soon parted
Economics
Which of the following will not cause a change in the demand for a product?
a. a change in consumer income b. a change in consumer preferences c. a change in the price of the product d. a change in the price of a substitute product
Economics