When the Supply of a Good Decreases and the Demand

question 54

Multiple Choice

When the supply of a good decreases and the demand for the good remains unchanged,consumer surplus

• A)decreases.
• B)is unchanged.
• C)increases.
• D)may increase,decrease,or remain unchanged.

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Definitions:

Maturity Date

The date on which a debt obligation must be repaid in full, including any principal and accrued interest.

Troy Ounce

A Troy ounce is a unit of imperial measure used primarily in the precious metals industry, equating to approximately 31.1035 grams.

July Futures Contract

A standard legal agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in July.

Silver

A precious metal with the symbol Ag, used in jewelry, currency, and industrial applications for its conductivity and reflective properties.