There is a shortage in a market for a product when:
a. The increase in demand is greater than the increase in supply
b. Quantity demanded is less than quantity supplied
c. Quantity demanded is greater than quantity supplied
d. The increase in supply is greater than the increase in demand
c. Quantity demanded is greater than quantity supplied
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A price elasticity of demand of 2.3% implies
a. Demand is inelastic b. Demand is elastic c. Demand is unitary elastic d. Demand is perfectly elastic
The production function of a firm illustrates the relationship between the amount of labor hired and output
a. True b. False Indicate whether the statement is true or false
Total surplus is at its minimum when the market operates at the equilibrium price and quantity
a. True b. False Indicate whether the statement is true or false
The United States federal government has a large budget deficit. Long-term projections suggest that under current law, taxes, as a percentage of GDP, will __________ and government spending, as a percentage of GDP, will __________
Fill in the blank(s) with correct word