____19.Which of the following events will definitely cause equilibrium price to fall?
____20.There is no shortage of scarce resources in a market economy because
____21.Which of the following is likely to have the most price inelastic demand?a.white chocolate chip with macadamia nut cookiesb.Mrs. Field’s chocolate chip cookiesc.milk chocolate chip cookiesd.cookies
____22.If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
____23.The greater the price elasticity of demand, the
____24.For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?