________: the amount by which the quantity supplied at a given price exceeds the quantity demanded
Fill in the blank(s) with correct word
Commodity surplus
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Milk can be used to produce cheese or butter. If the price of a pound of butter rises, what happens to the supply of cheese?
A) The supply of cheese decreases. B) The supply of cheese increases. C) The supply of cheese stays the same and there is a decrease in the quantity supplied of cheese. D) The supply of cheese stays the same and there is no change in the quantity supplied of cheese. E) The supply of cheese could increase, decrease, or stay the same depending on what happens to the supply of butter.
In the figure above, the marginal cost of the fifth computer is
A) 0 television sets per computer. B) 4 television sets per computer. C) 20 television sets per computer. D) 35 television sets per computer.
A budget deficit is best defined as the
A. shortage of spending power created by a government spending cut. B. shortage of spending power created by a tax increase. C. accumulation of past debt that has not been covered by taxes. D. amount by which a government’s expenditures exceed receipts during a specific time period.
When firms cooperate with each other rather than compete:
A. consumers will end up better off. B. the firms will end up better off. C. both consumers and firms end up better off. D. they will agree to set low prices to help each other out.