In the short-run if there is a surplus in the market for a product, the rationing function of price can be expected to cause A) an increasing shift in the demand for the product. B) a decreasing shift in the supply of the product. C) an increase in the market price of the product. D) a decrease in the market price of the product
In the short-run if there is a surplus in the market for a product, the rationing function of price can be expected to cause A) an increasing shift in the demand for the product. B) a decreasing shift in the supply of the product. C) an increase in the market price of the product. D) a decrease in the market price of the product
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 3MC
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In the short-run if there is a surplus in the market for a product, the rationing function of price can be expected to cause
A) an increasing shift in the demand for the product.
B) a decreasing shift in the supply of the product.
C) an increase in the market price of the product.
D) a decrease in the market price of the product
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