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:

Loyalty Program

A marketing strategy designed to encourage customers to continue buying or using the services of a business associated with the program through rewards.

Whittaker Chambers

Whittaker Chambers was an American writer, editor, and former Communist spy who became famous for his testimony against Alger Hiss, accused of espionage, which became a major event in the early years of the Cold War.

Alger Hiss

A former U.S. government official accused of espionage and convicted of perjury, his case became a symbol of Cold War tensions.

Espionage Activities

Acts of spying or using spies to obtain secret or confidential information about the plans and activities of a government or a competing entity.