If the Demand for a Good Rises by More Than

question 177

Multiple Choice

If the demand for a good rises by more than the supply of the good falls,then the good's equilibrium price will __________ and its equilibrium quantity will __________.

• A) rise; fall
• B) rise; rise
• C) fall; fall
• D) fall; rise

Grasp the essentials of sales training, including its content and duration.

Learn how to analyze and calculate net profit and its significance in business operations.

Understand the concept of return on investment and how to calculate it.

Identify various types of value analyses used in sales to demonstrate product or service value.

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Definitions:

Long-Run Equilibrium

A state in economics where all factors of production and economic variables are in balance, and no external pressures are causing change.

Marginal Cost

The additional expenditure required to produce one more unit of a product or service.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in the quantity of goods or services sold.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing to buy.