When quantity supplied is greater than quantity demanded, market price is _______ the equilibrium price.
Fill in the blank(s) with the appropriate word(s).
above
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Inflation is the increase in:
A. total output. B. total output per worker. C. imports relative to exports. D. the general level of prices.
The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
a. Employment agencies b. Product markets c. Resource markets d. Business firms
If the price of gasoline increases and car dealers experience a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:
a. Substitutes b. Complements c. Inferior goods d. Unrelated goods
Answer the following questions true (T) or false (F)
1. In the short run, if price falls below a firm's minimum average total cost, then the firm should shut down. 2. If price is equal to average variable cost, then a perfectly competitive firm breaks even. 3. For a given quantity, the total profit of a perfectly competitive firm is equal to the vertical distance between the firm's total revenue curve and its total cost curve.