When there is excess demand for a product in a market,
a. price will tend to fall.
b. price must be below the equilibrium price.
c. price must be above the equilibrium price.
d. producers will reduce output and sales will fall.
B
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A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 3rd movie?
A. $1 B. $8 C. $4 D. $2
Which two lines on a cost curve diagram intersect at the shutdown point?
a. Average variable cost and marginal revenue b. Marginal revenue and total cost c. Average variable cost and total cost d. Marginal revenue and marginal loss
The larger a percentage of the population a person is, the ______________ likely that person will have to further engage with people she meets. This implies that she will generally be ____________ likely to behave unethically and poorly with the people in her town as the population of her town increases
A) more; less B) less; less C) more; more D) less; more
The quantity equation states that the
A) money supply divided by the velocity of money equals the price level divided by real output. B) money supply times the velocity of money equals the price level times real output. C) money supply times the price level equals real output divided by the velocity of money. D) money supply times the price level equals real output times the velocity of money.