The current price of wheat is $10 per bushel, but the equilibrium price of wheat is $5 per bushel. As a result,
a. the quantity supplied of wheat exceeds the quantity demanded of wheat at $10 per bushel.
b. the equilibrium quantity of wheat exceeds the quantity demanded at the $10 price
c. there is a surplus of wheat at the $10 price.
d. All of the above are correct.
d
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Recall the Application about the 1998 merger between Pennzoil and Quaker State to answer the following question(s). The merger resulted in a company with a market share of 38 percent: 29 percent from Pennzoil and 9 percent from Quaker State.Recall the Application. A recent study concluded that following the merger between Pennzoil and Quaker State, the market share of Pennzoil products ________ and the market share of Quaker State products ________.
A. increased; increased B. increased; decreased C. increased; did not change D. did not change; increased
Tax cuts aimed at businesses can stimulate:
A. social spending. B. private consumption. C. investment spending. D. net exports.
When people decide to increase the amount of currency they are currently holding
A. the actual money multiplier will increase. B. the potential money multiplier will decrease. C. the potential money multiplier will increase. D. the actual money multiplier will decrease.
Refer to the diagram. Points A, B, C, D, and E show:
A. that the opportunity cost of bicycles increases, while that of computers is constant.
B. combinations of bicycles and computers that society can produce by using its resources
efficiently.
C. that the opportunity cost of computers increases, while that of bicycles is constant.
D. that society's demand for computers is greater than its demand for bicycles.