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If Consumers Believe That an Item Will Not Be Available

question 20

Multiple Choice

If consumers believe that an item will not be available in the future, then demand will shift _____ and the equilibrium quantity will _____.


Definitions:

Liberal Arts

An area of study that emphasizes a broad education in literature, philosophy, social and physical sciences, and mathematics rather than technical or professional training.

Career Counselor

A professional who provides guidance and advice to individuals on matters related to careers, education, and employment.

Academic Departments

Divisions within a college or university that specialize in a particular field of study.

Common Good

A concept that refers to the benefit or interests of all involved in a community or society.

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