When a surplus exists
A. quantity demanded exceeds quantity supplied.
B. the price is below the market clearing price.
C. an excess quantity demanded exists.
D. none of these
Answer: D
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Zero economic profits would most likely exist in which market environment?
A) Pure monopoly B) Oligopoly C) Perfect competition D) Any market structure riddled with uncertainty E) None of the above.
A cartel is
a. a group of oligopolistic firms that engage in formal collusion b. a group of monopolistically competitive firms which charge the same price c. usually legal in the United States d. an agreement among rival firms to set prices independently e. illegal throughout the world
Which of the following is not a factor of production?
a. labor hours b. capital equipment c. acres of cultivatable land d. money e. physical plant or factory
A firm may pay efficiency wages in an attempt to
a. reduce incentives to shirk. b. reduce turnover. c. attract a well-qualified pool of applicants. d. All of the above are correct.