A surplus of a good means
a. there is an excess demand for this good
b. the price is lower than its equilibrium level
c. the quantity demanded exceeds the quantity supplied
d. the quantity supplied is less than the quantity demanded
e. there is an excess supply of the good
E
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In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________
A) can incur an economic loss; incur an economic loss B) can incur economic losses; make an economic profit C) must make an economic profit; make an economic profit D) can incur an economic loss; make zero economic profit
In a competitive labor market, with one variable factor, the supply of labor to the firm is
A) equal to the marginal expenditure curve. B) equal to the demand curve for labor. C) greater than the marginal expenditure curve. D) equal to the marginal revenue product curve.
Economic rent is
A) the return to owners of farmland. B) the return to landlords. C) a payment for the use of any resource above its opportunity cost. D) a payment for land, an apartment, or a house that one does not own.
Use the above figure. Refer to the above diagram where curves (a) through (d) are for four different countries. Income is most unequally distributed in
A) Country A. B) Country B. C) Country C. D) Country D.