Question

Please help with these questions,

1.Which statement(s) are most likely correct about supply?

Use letters in alphabetical order to select options

A

A rise in price almost always leads to a decrease in the quantity supplied of that good.

B

A rise in price almost always leader to an increase in the quantity demanded of that good.

C

A rise in price almost always leads to an increase in the quantity supplied of that good.

D

A fall in price almost always lead to an increase the quantity supplied.

2.Which of the following statements best describes excess supply, or surplus?

Use letters in alphabetical order to select options

A

The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus.

B

The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus.

C

The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus.

D

The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.

3.Fill in the blank with the correct answer by typing in the box. A change in tastes, from traditional news sources (print, radio, and television) to digital sources, caused a change in _______________ for the former.

4. A change in price of a good or service typically causes ___________________________ for that specific good or service.

Use letters in alphabetical order to select options

A

the supply curve to shift

B

a new equilibrium price

C

a change along the supply curve

D

a decreased demand

Answer 1

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