If a price is above equilibrium,
A. A surplus will cause the price to fall and the quantity supplied to decrease.
B. A surplus will cause the price to fall and the quantity supplied to increase.
C. A shortage will cause the price to fall and the quantity supplied to decrease.
D. A shortage will cause the price to rise and the quantity supplied to increase.
Answer: A
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In monopolistic competition, firms can make an economic profit in
A) the short run and in the long run. B) the short run but not in the long run. C) the long run but not in the short run. D) neither the long run nor the short run.
Which of the following makes the official measure of unemployment in the U.S. an understatement of actual unemployment?
a. Some workers become discouraged and are not actively seeking work. They are officially counted in the labor force as unemployed. b. The official measure of civilian unemployment fails to account for very high levels of unemployment among active-duty military personnel. c. The statistics count part-time employment as being no different from full-time employment. d. The official measure counts all part-time workers as unemployed.
Figure 17-10
Refer to . Consumer surplus with trade and without a tariff is
a.
A.
b.
A + B.
c.
A + C + G.
d.
A + B + C + D + E + F.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.