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Title: The price of a good always changes when : Post by: jnote01 on Feb 26, 2018 The price of a good always changes when
A) either a shortage or a surplus occurs. B) quantity demanded and quantity supplied are constant. C) there is an increase in demand and an increase in supply. D) there is a decrease in demand and a decrease in supply. Ques. 2 The value of the best alternative sacrificed to obtain something you want is referred to as A) explicit cost. B) opportunity cost. C) marginal cost. D) sunk cost. Ques. 3 An increase in quantity demanded is caused by A) an increase in income. B) a decrease in the price of the good. C) a decrease in the price of a complement. D) a change in expectations about price in the future. Ques. 4 A result of a positive externality in the production of a good is that A) the price system will over-allocate resources to the production of that good or service. B) the price system will under-allocate resources to the production of that good or service. C) the market supply will be too high. D) the market demand will be too high. Ques. 5 Economists assume people behave rationally, which means that people A) never make a mistake. B) do not intentionally make decisions that make themselves worse off. C) have the necessary information to always make correct decisions. D) always understand the consequences of their decisions. Title: The price of a good always changes when : Post by: impostine on Feb 26, 2018 Title: The price of a good always changes when : Post by: jnote01 on Feb 26, 2018 found this very helpful thank you
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