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QUESTION 31 Without an increase in price, an increase in demand will lead to: O a. A shortage O b. Equilibrium O c A surplus O d. None of the above. QUESTION 32 The law of demand states that there is a between the quantity of any good demanded and its price, ceteris paribus. O a. Inverse relationship O b. Direct relationship O c. Unique relationship O d. Stable relationship QUESTION 33 Common resources are expected to be: O a. Consumed in an efficient manner. O b. Over utilized O c. Underprovided by the private sector. O d. None of the above. QUESTION 34 Asymmetric information occurs when: O a. Both parties to a transaction have the same information about the transaction. O b. One party to a transaction has more information than the other party. O c. None of the parties has any information about the transaction. O d. None of the above