Assume there is a surplus in the market for hybrid automobiles. Which of the following statements correctly describes this situation?
A) Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price.
B) The supply of hybrid automobiles is greater than the demand for hybrid automobiles.
C) the surplus will cause an increase in the equilibrium price of hybrid automobiles.
D) The price of hybrid automobiles will fall in response to the surplus; as the price falls the quantity demanded will increase and the quantity supplied will decrease.
D
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Based on the production data for Pat's Pizza Parlor in the above table, which worker has the largest marginal product?
A) Worker 1 B) Worker 2 C) Worker 3 D) Worker 4
Fish are
a. always renewable resources b. renewable resources whenever property rights are well defined c. renewable resources if they are taken and replaced at rates that provide a steady supply d. renewable resources only if they are replaced at a rate that exceeds the rate at which they are caught e. renewable resources whenever property rights are well defined and can be easily enforced
In the early 2000s, banks lowered lending standards to comply with the Community Reinvestment Act
Indicate whether the statement is true or false
You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1. To increase total revenues, you should:
A. increase the price of the software. B. decrease the price of the software. C. increase the supply of the software. D. hold the price of the software constant.