23)If quantity supplied is less at each price, we say that there has been -a dec
ID: 1161575 • Letter: 2
Question
23)If quantity supplied is less at each price, we say that there has been
-a decrease in demand.
-an increase in supply.
-an increase in demand.
-a decrease in supply.
24)A public good is
-something whose consumption by one person does not prevent its consumption by other people.
-something that is good for a country, but not necessarily for private individuals.
-a good deed done by someone who refuses payment.
-something produced and sold by the government, for example, electricity provided by a government authority.
25)If market price is above equilibrium price,
-quantity supplied is greater than quantity demanded.
-quantity supplied is equal to quantity demanded.
-quantity demanded is greater than quantity supplied.
course Microeconomic
Explanation / Answer
Ans23) the correct option is a decrease in demand
Ans24) the correct option is something whose consumption by one person does not prevent its consumption by other people. Public good is non rival and non excludable in nature.
Ans25) the correct option is quantity supplied is greater than quantity demanded. When Market price is above equilibrium price there is surplus in the economy meaning quantity supplied exceeds the quantity demanded.
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