If there is a surplus of a good, the quantity demanded is ________ the quantity supplied and the price will ________
A) equal to; fall
B) less than; rise
C) less than; fall
D) greater than; fall
E) greater than; rise
C
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When an economy experiences long-run economic growth, a larger output can be achieved
a. only if there is a reduction in the natural rate of unemployment. b. only if the economy's actual unemployment is less than the natural rate. c. if prices increase. d. even though unemployment remains at its natural rate.
Depreciation is subtracted from GNP to determine:
A. net income. B. net national product (NNP). C. net GDP. D. net imbalance on exports.
The act of Congress which prohibited "unfair or deceptive acts or practices in commerce" is called
A) the Federal Trade Commission Act of 1914. B) the Clayton Act. C) the Sherman Act. D) the Robinson-Patman Act.
Marginal cost is equal to
A) change in total cost divided by change in output. B) change in total variable cost divided by change in output. C) total variable cost divided by quantity of output. D) Both A and B are correct.