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
Indicate whether the statement is true or false
FALSE
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Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?
A. The Ticketmaster price is the equilibrium price. B. The Ticketmaster price was above the equilibrium price. C. There is an excess demand for tickets at the Ticketmaster price. D. There is an excess supply of tickets at the Ticketmaster price.
In 2017, which group had the highest average salaries?
a. black women b. black men c. white women d. white men
Holding all else equal, if the U.S. government imposes tariffs on imported products, then the equilibrium value of the U.S. dollar will:
A. be determined by the Federal Reserve. B. appreciate. C. depreciate. D. remain fixed.
If prices of goods and services are inflexible, then:
A. A negative demand shock would lead to increased real GDP in the short run B. A positive demand shock would lead to increased real GDP in the short run C. A negative demand shock would have no short-run effect on real GDP D. There would be no short-run demand shocks