If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________
A) is less than; rise
B) is less than; fall
C) is greater than; rise
D) is greater than; fall
B
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If production displays constant returns to scale, then all economies of scale have been exhausted
Indicate whether the statement is true or false
An economist would say the price is too high for a certain service if
a. poor people couldn't afford to buy it. b. nobody could afford to buy it. c. the price was above marginal cost. d. it is an essential service and consumes a significant share of income.
Supply-side economics is a term associated with the views of
a. Ronald Reagan and Arthur Laffer. b. Karl Marx. c. Bill Clinton and Greg Mankiw. d. Milton Friedman.
Social demand is equal to
A. Tax revenue plus or minus externalities. B. Public demand plus or minus externalities. C. Market demand plus or minus externalities. D. Private goods plus or minus externalities.