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UofL Question 31 Time left 1 Which one of the following correctly describes how price adjustment eliminates a shortage? Not yet answered a. As the price rises, the quantity demanded decreases and the quantity supplied increases. Marked out of 1.000 b. As the price rises, the quantity demanded increases and the quantity supplied decreases. P Flag c. As the price falls, the quantity demanded decreases and the quantity supplied increases. question d. As the price falls, the quantity demanded increases and the quantity supplied decreases. e. As the price falls, the quantity demanded increases and the quantity supplied increases. Question 32 If good A is a by-product of the production of good B, then an increase in the price of A will cause Not yet answered . a. an increase in the quantity supplied of A. Marked out of 1.000 b. a decrease in the quantity supplied of A. P Flag c. an increase in the supply of B. question O d. a decrease in the supply of B. e. both A and C. Question 33 If demand increases, then the Not yet answered a. demand curve shifts to the left. Marked out of 1.000 O b. demand curve shifts to the right. P Flag c. equilibrium price goes down. question d. equilibrium quantity goes down. O e. None of the above Question 34 What is a demand curve