Suppose that in a certain market there is an increase in demand, but the market price does not quickly adjust to a new equilibrium price. What situation will exist in this market until the price adjusts?
A. Excess demand, because the market price is higher than the equilibrium price
B. Excess supply, because the market price is higher than the equilibrium price
C. Excess demand, because the market price is lower than the equilibrium price
D. Excess supply, because the market price is lower than the equilibrium price.
Answer: C
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A) 0 percent. B) 3.5 percent. C) 7 percent. D) 14 percent.
People have their highest saving rates when they are
a. retired. b. middle-aged. c. married with young children. d. young and single.
In the World View article on new tariffs on imported steel from China, the tariff is designed to
A. Protect Chinese workers who produce steel. B. Protect U.S.-based import-competing industries. C. Protect U.S. steel distributors. D. Protect U.S. steel consumers.
Suppose that the per capita GDP for Japan in 2019 was $48,500 and in 2020 was $49,470. How much did the Japanese per capita GDP grow between 2019 and 2020?
A. 3 percent B. -2 percent C. 2 percent D. Cannot be determined without further information