On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price
A) shortage; above
B) shortage; below
C) surplus; above
D) surplus; below
C
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In the figure above, if the price is $8 a unit, is there a shortage or surplus and what is the amount of any shortage or surplus?
What will be an ideal response?
Which of the following members of the European Union has NOT adopted the euro?
A) Denmark B) Estonia C) Germany D) Greece
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.When output is 4,000 units,
A. average variable cost is decreasing. B. average total cost is increasing. C. average total cost is decreasing. D. average variable cost is increasing. E. both a and c
The short-run supply curve for a competitive firm is the:
A. segment of the AVC curve lying to the right of the MC curve. B. segment of the MC curve lying above the AVC curve. C. entire MC curve. D. segment of the MC curve lying below the AVC curve.