When there is an excess quantity supplied in the market
A. the price will increase, causing a decrease in demand and an increase in quantity supplied.
B. the price of the product will increase, causing a decrease in quantity demanded and an increase in supply.
C. the price of the product will increase, causing a decrease in demand and an increase in supply.
D. the price of the product will decrease, causing an increase in quantity demanded and a decrease in quantity supplied.
Answer: D
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A supply schedule shows the relationship between:
a. demand and supply. b. supply and income. c. price and income. d. quantity supplied and price. e. income and quantity supplied.
The value of a human life
A. cannot be determined because human life is sacred. B. can only be determined by a high-ranking government official in Washington. C. cannot be determined because human life is priceless. D. is frequently determined by juries of ordinary citizens in order to reach a verdict.
At what price level would RGDP demanded be $19 trillion?
a. 50
b. 60
c. 70
d. 80
A market shortage is
A. The result of a price floor. B. A situation in which producers cannot sell all the goods and services that they are willing and otherwise able to sell. C. The amount by which the quantity demanded exceeds the quantity supplied at a given price. D. The amount by which the cost of production exceeds the price of a good.