If price is above the equilibrium, there will be excess supply of the product.
Answer the following statement true (T) or false (F)
True
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Gross federal debt held by the public is equal to
A) total gross federal debt. B) the federal debt held by the Fed minus the federal debt held by other countries. C) the federal debt held by other countries plus the federal debt held by private investors. D) the federal debt held by the Fed plus the federal debt held by private investors.
A situation in which an individual has no information about probabilities and the underlying distributions of the possible outcomes of an investment choice is called:
a. a prior distribution. b. updating. c. risk tolerance. d. pure uncertainty.
For the purpose of protecting the environment, upon which of the following approaches do we rely more and more as time goes by?
a. adherence to the notion of the invisible hand b. command-and-control policies c. the development and enforcement of regulations d. the requirement that decision makers bear the full costs of their actions
Which of the following statements is (are) true of a monopoly? (i) A monopoly has the ability to set the price of its product at whatever level it desires. (ii) A monopoly's total revenue will always increase when it increases the price of its product. (iii) The more a monopoly increases output, the higher the profits
a. (i) only b. (ii) only c. (i) and (ii) only d. (ii) and (iii) only