The difference between the total amount that producers would have been willing to accept for the total quantity produced in a market and what they actually received at the market clearing price is called
A) production excess.
B) excess demand.
C) market surplus.
D) producer surplus.
Answer: D
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Use the following table to answer the next question.ItemBillions of DollarsCheckable deposits$597Small time deposits818Currency639Money-market mutual funds held by businesses1,045Savings deposits, including money-market deposit accounts2,866Money-market mutual funds held by individuals979The size of the M1 money supply is
A. $979 billion. B. $1,415 billion. C. $,1618 billion. D. $1,236 billion.
For people who live near a bus route, a subway station, or a commuter rail line, public transportation provides a substitute to driving their own cars
So, for these people, the cross-price elasticity of demand between gasoline and public transportation is A) zero. B) positive. C) negative. D) infinity.
Which of the following is true for a price-searcher firm?
a. Its marginal revenue curve will lie below its demand curve. b. Its marginal revenue curve will lie above its demand curve. c. Its marginal revenue curve is equal to its demand curve. d. Its marginal revenue curve is horizontal at the market equilibrium price.
If the price elasticity of demand is elastic, then:
a. Ed < 1. b. there are likely a large number of substitute products available. c. an increase in the price will increase total revenue. d. consumers are s not very responsive to a price increase.