When there is a surplus
A. quantity demanded is greater than quantity supplied.
B. quantity supplied is greater than quantity demanded.
C. quantity demanded is equal to quantity supplied.
B. quantity supplied is greater than quantity demanded.
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If a firm operating in a perfectly competitive industry is confronted with an equilibrium market price of $5, its marginal revenue
A. will be greater than $5. B. will also be $5. C. will be less than $5. D. may be either greater or less than $5.
Why is a period of stagflation part of the normal aftermath of a period of excessive aggregate demand?
A political function of government is to
A. encourage the workings of the price system. B. provide public goods. C. encourage the consumption of government-sponsored goods. D. correct for externalities.
Refer to the below graphs. If union workers decide to take more leisure, while the prices of the products produced by union workers increase, this situation is depicted in graph:
A. A
B. B
C. C
D. D