If Someone Produced Too Little of a Good, This Would

question 91

Multiple Choice

If someone produced too little of a good, this would suggest that

• A) rational choice cannot be applied to many economic decisions.
• B) the good was produced past the point where its marginal cost exceeded its marginal benefit.
• C) government should intervene to produce more of the good.
• D) the good was produced to the point where its marginal benefit exceeded its marginal cost.

Analyze the consequences of shifts in supply and demand on equilibrium price and quantity.

Describe the relationship between price and quantity demanded (Law of Demand).

Describe the relationship between price and quantity supplied (Law of Supply).

Interpret demand and supply schedules and their graphical representations.

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