Suppose the market-clearing price of wheat is $2.50 per bushel. At a price above $2.50,
A) supply would equal demand.
B) quantity supplied would equal quantity demanded.
C) quantity supplied would exceed quantity demanded.
D) quantity supplied would be less than quantity demanded.
C
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The "time inconsistency" argument is that a downward shift of the short-run Phillips Curve, which comes about with a ________ of inflationary expectations, is more likely when monetary policy ________
A) lowering, follows a rigid rule B) lowering, is at the discretion of policymakers C) raising, follows a rigid rule D) raising, is at the discretion of policymakers
If demand is relatively elastic and supply is relatively inelastic, then the incidence of a tax will fall mainly on consumers
a. True b. False Indicate whether the statement is true or false
Statistics show that the less developed a country is
A. the larger is the per capita income. B. the larger is the share of industrial output in its total output. C. the larger is the GDP. D. the larger is the share of agricultural output in its total output.