When there is an excess quantity supplied of a product at the current price, then:
a. the market price must be below equilibrium price
b. the quantity demanded is greater than the equilibrium quantity.
c. the market price will tend to rise.
d. the market price will tend to fall.
d
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Which of the following government programs are likely to aid the poor more than those in upper income brackets?
a. subsidies to museums b. state-subsidized higher education benefits c. school lunch programs d. government subsidies to airports
Private goods are:
A. not rival in consumption and not excludable. B. not rival in consumption, but excludable. C. rival in consumption, but not excludable. D. rival in consumption and excludable.
Which is an example of a privately owned monopoly or near-monopoly?
A. New Jersey State Lottery B. U.S. Postal Service C. State of Utah Liquor Commission Stores D. Intel
Other things equal, if the prices of a firm's variable inputs were to fall:
A. one could not predict how unit costs of production would be affected. B. marginal cost, average variable cost, and average fixed cost would all fall. C. marginal cost, average variable cost, and average total cost would all fall. D. average variable cost would fall, but marginal cost would be unchanged.