A surplus will occur in a market if:
A. the quantity demanded at a given price is -less than the quantity supplied at that price.
B. the quantity supplied at a given price exceeds the quantity demanded at that price.
C. there are not enough sellers at the prevailing price.
D. there are too many buyers at the prevailing price.
Answer: B
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In the AD-AS framework, long-run equilibrium implies that ________
A) quantity demanded equals quantity supplied at a moderate level of equilibrium inflation B) quantity demanded equals quantity supplied at a point consistent with the short-run equilibrium level of inflation C) quantity demanded equals quantity supplied at a point consistent with the natural rate of unemployment D) all of the above E) none of the above
Marginal Cost is
A. the per unit fixed cost of production. B. the per unit variable cost of production. C. the addition to cost associated with one additional unit of output. D. the per unit cost of production.
A cross elasticity of demand coefficient of +2.5 indicates that the two products are substitutes.
a. true b. false
Kanye opens a savings account with $5,000. The account pays 7% interest compounded annually. Kanye deposits $100 every month. How much money will be in the account after five years?
a. $14,247.42 b. $10,157.64 c. $16,516.62 d. $8,317.13