If the Price of a Product Does Not Change Immediately,which

question 87

Multiple Choice

If the price of a product does not change immediately,which of the following will cause an initial shortage of a product?

• A)An increase in the demand or an increase in the supply.
• B)A decrease in the demand or a decrease in the supply.
• C)An increase in the demand or a decrease in the supply.
• D)A decrease in the demand or an increase in the supply.
• E)A change in the quantity supplied.

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Definitions:

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A conviction held without the support of evidence or rational justification.

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Herbert Simon

An American economist, political scientist, and cognitive psychologist known for his contributions to the theory of decision-making and problem-solving in organizations.