If the quantity supplied exceeds the quantity demanded, then there is
A) a shortage and the price is below the equilibrium price.
B) a shortage and the price is above the equilibrium price.
C) a surplus and the price is below the equilibrium price.
D) a surplus and the price is above the equilibrium price.
D
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Lana spent $5 to see a movie. We know
A. the movie was worth 500 utils. B. Lana’s total utility from movies was $5. C. the movie was worth at least $5 worth of other goods. D. the movie increased marginal utility.
Refer to Table 8.1. That the firm is perfectly competitive is evident from its
A) increasing marginal cost. B) increasing total cost. C) zero economic profits. D) constant marginal revenue. E) absence of marginal values at Q = 0.
A medium of exchange must be
a. approved by the government b. socially acceptable in exchange for goods and services c. easy to reproduce d. used to eliminate specialization and the division of labor e. used when a system of barter exists
An empirical study compared the price of eyeglasses in states that restricted advertising by optometrists with those that did not.The study revealed:
a. That the average price of eyeglasses in states where advertising was restricted was higher than the average price in states were advertising was not restricted b. That the average price of eyeglasses in states where advertising was not restricted was higher than the average price in states where advertising was restricted c. That the average price of eyeglasses did not differ between states where advertising was restricted and those in which advertising was not restricted d. That the greater the level of advertising, the higher the average price of eyeglasses