If the quantity demanded exceeds the quantity supplied, then there is
A) a shortage and the price is below the equilibrium price.
B) a shortage and the price is above the equilibrium price.
C) a surplus and the price is below the equilibrium price.
D) a surplus and the price is above the equilibrium price.
A
You might also like to view...
Suppose the nation is producing at a point on its PPF. If the marginal cost of producing one more computer is greater than the marginal benefit, the nation is producing
A) too few computers to be allocatively efficient. B) too many computers to be allocatively efficient. C) the correct number of computers to be allocatively efficient. D) at the point of allocative efficiency. E) More information is needed to determine if the nation is or is not producing at the allocatively efficient point.
Economist Steve Landsburg has pointed out that Ebenezer Scrooge's change in behavior from miser to spender might actually be detrimental to the economy because
A) saving has to be greater than consumption for the economy to grow. B) Scrooge was happiest when he was saving money, and happiness is the key to economic growth. C) Scrooge's miserly saving helped contribute to the production of investment goods rather than consumption goods. D) Scrooge's consumption habits were more detrimental to the environment than were his earlier saving habits.
Exports are goods and services that are produced:
A. in other countries and consumed domestically. B. domestically and consumed in other countries. C. and consumed in other countries. D. and consumers domestically.
Table 9.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are NOT in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3