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The equilibrium price of a good is a price that everyone is happy with.

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How would a decrease in the price of DVD players affect the demand for DVD rentals?


A) It would decrease the demand for DVD rentals.
B) It would increase the demand for DVD rentals.
C) It would increase the quantity of DVD rentals demanded without changing the demand.
D) It would decrease the quantity of DVD rentals demanded without changing the demand.

Correct Answer

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The law of supply asserts that a higher price leads to a _________ quantity supplied.

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The equilibrium price of a good is a price that consumers are happy with.

Correct Answer

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Table 3.2 Table 3.2 -According to the market data in Table 3.2, which price will generate a surplus of 50 units? A) $2 B) $4 C) $6 D) $8 -According to the market data in Table 3.2, which price will generate a surplus of 50 units?


A) $2
B) $4
C) $6
D) $8

Correct Answer

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A surplus results when the quantity supplied exceeds the quantity demanded.

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