217. Refer to Exhibit 3-17. At a price of $16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________. This would push the price __________ the equilibrium price.
a. greater; fall; towardb. greater; rise; towardc. less; fall; towardd. less; rise; away frome. greater; rise; away fromANSWER: bPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Supply and DemandKEYWORDS: Bloom's: ApplicationNOTES: New
218. The law of demand states that price and ______________ are _____________ related, ceteris paribus.
219. According to the law of demand, the higher the price of an assigned textbook, the _______________ the quantity
demanded of assigned textbooks will be, ceteris paribus, and the ______________ likely students will seek out an