At a price for which the quantity supplied exceeds the quantity demanded, a __________ is experienced, which pushes the price __________ toward its equilibrium value
A) surplus; downward
B) surplus; upward
C) shortage; downward
D) shortage; upward
A
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A firm using a two-part tariff faces a tradeoff because
A) any increase in consumer surplus must be offset by a decrease in producer surplus. B) the only way to increase the fixed-fee portion of the price is to lower the per-unit portion of the price. C) the only way to increase total revenue is to lower per-unit profit. D) the smaller the variation between the parts of the price, the greater the deadweight loss generated by the pricing scheme.
Based on the transactions in the above table, what is the change in the U.S. balance of merchandise trade?
A) $11,000 B) $29,700 C) -$30,000 D) -$31,000
The two measures of the degree of competitiveness (or of oligopoly) are called (1) _________________ and (2) _________________.
Fill in the blank(s) with the appropriate word(s).
Exhibit 2-9 Production possibilities curve
Which of the following moves from one point to another in Exhibit 2-9 would represent an increase in economic efficiency?
A. Z to W. B. W to Y. C. W to X. D. X to Y.