A. Be under provided in the free market
B. Be over provided in the free market
C. Not be provided in the free market
D. Has no opportunity cost
A. There is excess equilibrium
B. There is excess supply
C. There is excess demand
D. There is equilibrium
A. Lead to a movement along the supply curve
B. Shift the demand curve
C. Shift the supply curve
D. Lead to an extension of supply
A. An fall in demand
B. An increase in supply
C. Improvements in production technology
D. An increase in demand
A. A change in income
B. A change in the number of buyers
C. A change in advertising
D. A shift in supply
A. A change in technology
B. A change in the number of producers
C. A shift in demand
D. A change in costs
A. The price consumers are willing to pray for a unit
B. The cost of providing a unit
C. The profits made by a firm
D. The difference the price a consumer pays for an item and the price he/she is willing to pay
A. The price elasticity of supply is price inelastic
B. The price elasticity of supply is price elastic
C. The price elasticity of supply is perfectly elastic
D. The price elasticity of supply is infinity
A. There is a shortage and the price will fall
B. The quantity demanded is equal to the quantity supplied supplied and the price remains unchanged
C. There is surplus and the price will rise
D. There is a shortage and the price will rise
A. An increase in the equilibrium price and quantity
B. A decrease in the equilibrium price and an increase in the equilibrium quantity
C. None of these answers
D. A decrease in the equilibrium price and quantity.