A surplus will occur in a market if:
A. the quantity supplied at a given price exceeds the quantity demanded at that price.
B. the quantity demanded at a given price is less than the quantity supplied at that price.
C. there are not enough sellers at the prevailing price.
D. there are too many buyers at the prevailing price.
A. the quantity supplied at a given price exceeds the quantity demanded at that price.
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Changing which of the following is a Federal Reserve monetary policy tool?
A) required reserve ratios B) desired reserve ratios C) excess reserve ratios. D) gold and foreign reserve ratios
When long-run average cost decreases as output increases, there are definitely I. increasing marginal returns. II. economies of scale
A) only I B) only II C) both I and II D) neither I nor II
A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run
Indicate whether the statement is true or false
The price that we observe in the market is
A) the law of demand. B) a substitute. C) the money price. D) the relative price.