If price is above the equilibrium price, then there will be:
A. excess supply.
B. neither excess supply nor excess demand.
C. excess demand.
D. both excess supply and excess demand.
Answer: A
You might also like to view...
Structural unemployment is likely to be affected by
A) the reservation wage curves of people. B) minimum wage laws and other "rigidities" in the economy. C) recessions and expansions. D) the amount of the money supply.
A good way to encourage agricultural production is to
a. encourage farmers to work harder b. subsidize input prices for farmers c. permit farm prices to rise with increasing demand d. create a monopoly firm to buy all farm output e. all of the above
In a natural monopoly, and in platform monopolies that have natural monopoly elements, the average cost:
A. increases with additional production. B. remains constant with additional production. C. vacillates up and down with additional production. D. decreases with additional production.
Which industry would be the best example of an oligopoly?
A. Retail clothing B. Fast food C. Electricity D. Steel