If the quantity of a product demanded is greater than the quantity of a product supplied, there is pressure in the market to push the price downward.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?
What will be an ideal response?
Consider the following weekly production possibilities of gloves and hats in Panama and Russia:
Russia Panama Gloves 20 180 Hats 80 90 What is each country's opportunity cost of producing gloves and hats? If the countries could, should they trade?
Which of the following statements correctly identifies a similarity between network effects and economies of scale?
A) Both are related to costs incurred by a firm. B) Both act as barriers to entry in a market. C) Both act as disincentives to monopolies. D) Both are related to the number of consumers using a firm's product.
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a(n):
a. increase in the supply of the good. b. increase in the demand for the good. c. decrease in the demand for the good. d. decrease in the supply of the good.