At a zero price, which of the following conditions is TRUE for an economic good?
A) Its quantity supplied exceeds its quantity demanded.
B) Its quantity demanded exceeds its quantity supplied.
C) Its quantity demanded equals its quantity supplied.
D) Scarcity disappears.
B
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An example of an M-type organizational architecture based on customer type is when divisions are defined as
a. R&D, Engineering, Production, Marketing, Sales b. Component 1 Plant, Component 2 Plant, Component 3 Plant, Final Assembly c. Store 1, Store 2, Store 3, Region A, Region B, Sales Division d. Business Customers, Educational Customers, Household Customers
Suppose that a perfectly competitive market is in equilibrium, and then market supply decreases. Which of the following would happen?
a. both producer and consumer surplus would increase b. both producer and consumer surplus would decrease c. producer surplus would decrease and consumer surplus would increase d. producer surplus would increase and consumer surplus would decrease e. producer and consumer surplus would remain unchanged
There is no longer much debate among economists concerning the severity of and the solution to the problems in using the CPI to measure the cost of living
a. True b. False Indicate whether the statement is true or false
With productive efficiency:
a. There is production of that particular mix of goods and services most wanted by society b. The available supplies of factors of production are variable in quantity and quality c. There is production of any particular mix of goods and services in the least costly way d. The state of technology, or methods used to produce output, constantly change