Fill in the blank: National income accountants define a(n) ________ good as something purchased with the goal of reselling it or further processing or remanufacturing it into another sellable good

A linear downward-sloping demand curve has price elasticities (in absolute values) that

A) remain constant along the demand curve. B) decrease as price decreases. C) increase as price decreases. D) are greater than or equal to 1.

When the current price is above the market-clearing level we would expect:

A) quantity demanded to exceed quantity supplied. B) quantity supplied to exceed quantity demanded. C) a shortage. D) greater production to occur during the next period.