Milk is considered a commodity because it is which of the following?
A. bought in many different ways
B. an inexpensive product
C. the same no matter who sells it
D. an agricultural product
C. the same no matter who sells itAuto answered|Score 1|markworley|Points 340|User:
When quantity demanded in a market is more than the quantity supplied, _____ occurs.
A. a surplus
B. an equilibrium
C. a shortage
D. a production possibility
When quantity supplied is more than quantity demanded price falls, upto the point at which some suppliers decide they would rather not sell the [ product at that low ... http://wiki.answers.com/Q/When_quantity_supply_is_greater_than_quantity_demand_what_happens_to_the_price
] Auto answered|Score .723User:
Suppose the market for the magazine is in equilibrium. Some students insist on raising the cover price by $1 and printing the same quantity. What is likely to happen?
A. The demand for the magazine will go up.
B. There will be a shortage of 150 magazines.
C. There will be a surplus of 100 magazines.
D. The surplus will be greater than their sales.
There will be a surplus of 100 magazines. -is likely will happen.
]Auto answered|Score 1|emdjay23|Points 2141|User:
A major characteristic of monopolistic competition is that prices will be
A. higher than in perfect competition.
B. lower than in perfect competition.
C. higher than in a true monopoly.
D. unrelated to the type of competition.
A. higher than in perfect competition. Auto answered|Score 1|markworley|Points 340|User:
Why does a perfectly competitive market require many buyers and sellers?
A. because products must be uniform
B. so no individual can control the price
C. so buyers and sellers are both informed
D. to maintain quality over the goods
a perfectly competitive market require many buyers and sellers B. so no individual can control the priceAuto answered|Score 1|asero1010|Points 4396|User:
What happens to the equilibrium price when supply goes down?
A. The price goes up.
B. The price goes down.
C. The price stays the same.
D. The price goes up, and then goes down
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