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In competitive markets, a surplus or shortage will: Select one: O A

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In competitive markets, a surplus or shortage will: Select one: O A. Cause changes in the quantities demanded and supplied that tend to eliminate the surplus or shortage n O B. Never exist because the markets are always at equilibrium C. Cause changes in the quantities demanded and supplied that tend to intensify the surplus or shortage O D. Cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage
The price elasticity of demand is a measure of the: Select one: O A. Responsiveness of buyers of a good to changes in its price O B. Effect of changes in demand on the price O C. Sensitivity of a good's price to changes in demand O D. Relationship between price and profitability