ECN $210-$ TESTH$1$

$51.$ What is the equilibrium price?

a$.$ The price at which there is no surplus, but there may be a shortage.

b$.$ The price at which there is no shortage, but there may be a surplus.

P$.11$

the quantity supplied.

$52.$ If the price of a product does initial surplus of a product?

a$.$ An increase in the dem $?$

b$.$ A decrease in the demand or an increase in the supply.

c$.$ An increase in the demand or a decrease in the supply.

d$.$ A decrease in the demand or a decrease in the supply.

$53.$ The three$-$step process of an

a$.$ Demand increasess of a market adjusting to an increase in demand is:

b$.$ Demand increases, causing a shortage, causing prices to rise.

c$.$ Demand increases, causing prices to rise, causing a shortage.

d$.$ Demand increases, causing prices to rise. causing a surplus.

$54.$ What is the term for those products whose demand will decrease as a result of ar income and will increase as a result of a decrease in income?

a$.$ Normal products.

b$.$ Complementary products.

c$.$ Substitute products.

d$.$ Inferior products.

$55.$ What is a normal product?

a$.$ It is a product which consumers buy regularly.

b$.$ It is a product which consumers buy more of as their incomes incre

c$.$ It is a product which consumers buy less of as their incomes incred

d$.$ It is a product which consumers buy more of as their incomes dec