When quantity demanded is greater than quantity supplied,
A. there is a shortage.
B. price will rise until it gets back to equilibrium.
C. quantity supplied will rise and quantity demanded will fall.
D. all of the answers are true.
D. all of the answers are true.
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The actual multiplier for the U.S. economy is estimated to be
a. about 10. b. approximately 5. c. between 3 and 4. d. less than 2.
Burger Bonanza, a major national burger chain, recently decided to spend $4 million on an advertising campaign featuring a world famous actor to promote its new Bomber Burger. What can consumers conclude from Burger Bonanza's willingness to spend $4 million on an advertising campaign?
When wages rise:
A. neither the opportunity cost of an hour of leisure nor the quantity of labor supplied is likely to change. B. the opportunity cost of an hour of leisure declines. C. the quantity of labor supplied always declines. D. the opportunity cost of an hour of leisure increases.
Inflation refers to growth in the economy's:
A. money. B. prices. C. Gross Domestic Product (GDP). D. interest rates.