When there is a surplus in the market, the quantity sold is
A) equal to the quantity supplied.
B) equal to the quantity demanded.
C) less than the quantity demanded.
D) greater than the quantity bought.
B
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An increase in the amount of competition with other firms that employ "best practices" would be likely to cause a particular firm's labor productivity to:
A) increase B) stay the same. C) decrease. D) cannot be determined without additional information.
Identify some of the possible transactions costs involved in an exchange of a used car between two individuals
Which of the following would tend to shorten recessions associated with anti-inflation policies by central banks?
a. People adjust their expectations of inflation rapidly. b. People believe policy announcements made by central bank officials. c. The short-run Phillips shifts rapidly. d. All of the above are correct.
The backward-bending section of the labor supply curve suggests that
A. there is no income effect. B. the income effect outweighs the substitution effect at those higher wage levels. C. the substitution effect outweighs the income effect at those higher wage levels. D. None of the choices are correct.