When quantity supplied exceeds quantity demanded at the current market price, the market has a surplus, and market price will likely rise in the future to eliminate the surplus
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Use the figure above to answer this question. Figure ________ shows a short-run equilibrium in good times because the firm makes a(n) ________
A) A; economic profit B) A; normal profit C) B; normal profit D) B; economic loss E) C; normal profit
Economists typically date the beginning of the gold standard to the period:
a. before 1500. b. before 1776. c. between 1880 and 1914. d. between the two world wars. e. between 1970 and 2000.
Economists predict the business cycle well enough that stabilization policy is likely to work despite lags in the effects of policy
a. True b. False Indicate whether the statement is true or false
Refer to the above figure. Which of the graphs represent the demand curve for a perfectly competitive industry?
A. Panel A B. Panel B C. Panel C D. Panel D