1. Occurs when quantity supplied > quantity demanded at a given price
Excess supply (is this correct)
Result in elasticity
Result in equilibrium price
2. Which of the following statements is true
The supply curve shows the relationship between quantity demanded and price of the good or service
The Law of Demand helps to explain social behavior
In the law of supply, an increase in price results in an increase in quantity supplied. (Is this correct)
When consumer income rises. The demand for normal goods decreases.
3. Which of the following factors contribute to the Tragedy for the Commons
Value of the resource is great
The resource is open access, a public good, available to many
The more the resource is used by one person, the less there is for others
All of the above is this correct
1. Option A.
2. Option C.
3. Option D.
Get Answers For Free
Most questions answered within 1 hours.