There is an excess demand in a market for a product when
A. supply is less than demand.
B. the current price is higher than the equilibrium price.
C. quantity demanded is less than quantity supplied.
D. quantity demanded is greater than quantity supplied.
Answer: D
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In a perfectly competitive market in which all firms are maximizing their economic profits, the demand and supply curves intersect at a price of $8. From this we know that each
A) firm's average total cost of producing the good is $8. B) firm's average variable cost of producing the good is $8. C) firm's marginal cost of producing the good is $8. D) firm is earning positive economic profits at a price of $8 or more.
If foreign real national income rises, the U.S. ____________ curve shifts _____________. When labor productivity increases the _____________ curve shifts _______________. If both of these situations occur simultaneously, the combined result would be a(n) ______________ the price level and a(n) __________________ Real GDP in the United States
A) AD; leftward; SRAS; rightward; decrease in; indeterminant impact on B) AD; rightward; SRAS; leftward; increase in; indeterminant impact on C) SRAS; leftward; SRAS rightward; indeterminant impact on; indeterminat impact on D) AD; rightward; SRAS; rightward; indeterminant impact on; increase in
In Figure G-2, which of the maps has the largest scale?
a) Map A
b) Map B
c) Map C
d) Map D
e) They all have the same scale.
For a given nominal exchange rate and foreign price level, a decrease in the domestic price level ________ the real exchange rate.
A. decreases B. may either increase or decrease C. offsets any change in D. increases