A contraction in supply occurs when ?

Related Mcqs:

If a product is a vablen good ?

A. Demand is inversely related to income B. Demand is inversely related to price C. Demand is directly related to price D. Demand is inversely related to the price of substitutes...

If demand is __________ then price cuts will _________ spending?

A. inelastic; increase B. elastic; increase C. elastic, decrease D. none of the above...

When excess demand occurs in an unregulated market, there is a tendency for ?

A. price to fall B. quantity supplied to decrease. C. price to rise D. quantity demanded to increase...

The price elasticity of demand is a negative number this means ?

A. Demand is price elastic B. Demand is price inelastic C. The demand curve is downward sloping D. An increase in income will reduce the quantity demanded...

Marginal revenue is the ________ when output is __________?

A. Change in average revenue, increased B. Change in total revenue, increase by one unit C. change in average revenue, increased by one unit D. change in total revenue increased...