If Demand Increases and the Price Doesn't Change, There Will

question 96

Multiple Choice

If demand increases and the price doesn't change, there will be a

• A)surplus.
• B)both a shortage and a surplus.
• C)shortage.
• D)neither a shortage nor a surplus.

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Definitions:

Consumption Habits

The patterns or behaviors of individuals or groups in purchasing and using goods and services.

Dumping

Selling goods in a foreign market at a price below their cost of production or below the price in the domestic market.

Comparative Advantage

The principle that a country, individual, or company has over another in producing a particular good or service at a lower opportunity cost, allowing for beneficial trade and specialization.

Industrial North

The region in a country, historically in the United States, known for its heavy industry and manufacturing, contrasting with the agrarian South.