The Price of a Good Will Tend to Rise When

question 396

Multiple Choice

The price of a good will tend to rise when

• A) there is excess demand for the good.
• B) there is excess supply of the good.
• C) demand for the good decreases.
• D) the supply of the good increases.

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Definitions:

Dishonor

Refers to the refusal by a bank to pay a check or draft presented for payment, usually due to insufficient funds.

Ratification

The approval or formal sanctioning of an agreement or act, often making it officially valid.

Unauthorized

Actions or access that have not been approved or given consent by the proper authority.

Promissory Note

A written promise to pay a specified amount of money, either on demand or at a future date.