1.Other things being equal, the relationship between price and quantity supplied

Question

1.Other things being equal, the relationship between price and quantity supplied is

a. negative

b. positive

c. random

d. nonexistent

2.what is true at prices above the equilibrium price for a product?

a. a shortage results

b. a surplus results

c. the good is no longer scarce.

d. the quantity demand exceeds the quantity supplied

After a decrease in the price of CDs, Samia buys fewer cassette tapes and purchases a new CD player. For Samia, CD players and cassette tapes are complements. CDs, CD players, and cassette tapes are all complements. CDs, cassette tapes, and CD players are all substitutes. CDs and cassette tapes are substitutes, and CDs and CD players are complements.

Explanation / Answer

1 c. random

2 c. the good is no longer scarce.

3 c

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