There will be a surplus of a product when:
A. consumers want to buy less than producers offer for sale.
B. price is below the equilibrium level.
C. the demand and supply curves fail to intersect.
D. the supply curve is downward sloping and the demand curve is upward sloping.
Answer: A
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The four market types are
A) perfect competition, imperfect competition, monopoly, and oligopoly. B) oligopoly, monopsony, monopoly, and imperfect competition. C) perfect competition, monopoly, monopolistic competition, and oligopoly. D) oligopoly, oligopolistic competition, monopoly, and perfect competition. E) perfect competition, imperfect competition, monopoly, and duopoly.
Most college courses have a required textbook. Previously, textbooks were only available through the campus bookstore, but now, these texts can be purchased from online retailers, other bookstores, or students can buy an electronic version of the
text. Because of this, we can predict the price elasticity of demand for textbooks from the campus bookstore is ________. A) increasing B) decreasing C) staying the same D) increasing and then decreasing
In the early 1920s U.S. consumer prices fell, while Germany experienced hyperinflation. According to the ideas of shoeleather costs and menu costs, U.S. households (relative to German households) made _____ frequent trips to the bank and U.S. firms changed prices _____ frequently
Fill in the blank(s) with correct word
The difference between the purchase price of a home and the amount of the mortgage is the
A. indebtedness. B. term to maturity. C. down payment. D. leasehold.