Which term is used when the price is above the equilibrium price?
a. shortage
b. surplus
c. equilibrium
d. no market
b. surplus
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You would expect that your firm is experiencing increasing returns to scale if
a. Long run average costs increase with output b. Long run average costs decrease with output c. Long run average costs are constant with respect to output d. None of the above
A requirement for acquiring a related firm to generate value is
a. it be profitable b. you be profitable c. y ou will alter operations because of the acquisition d. all synergies between the firms were exploited before the acquisition
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by decreasing the quantity it produces,
a. profit will equal zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
The GDP deflator is designed to
a. adjust nominal GDP for changes in the unemployment rate. b. adjust nominal GDP so as to include the problem of externalities. c. adjust nominal GDP for changes in the price level. d. calculate changes in the price of food and other consumer goods.