Which of the following is correct when a price is set below a market's equilibrium price?
a. quantity demanded exceeds quantity supplied at the set price
b. quantity demanded is less than quantity supplied at the set price
c. quantity demanded is equal to quantity supplied at the set price
d. at the set price there is a surplus
e. the market price is less than the ceiling price
A
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Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is a
A) medium of exchange. B) unit of account. C) store of value. D) unit of specialization.
Which statement is true?
A. The monopolistic competitor breaks even in the long run. B. The monopolistic competitor operates at an output that is less than peak efficiency. C. The monopolistic competitor has a small influence on price because its products are differentiated. D. All of the choices are true.
A recession would be a decline in real GDP for at least
A. one business quarter. B. two business quarters. C. one business year. D. two business years.
Productive inputs capable of replacing themselves if harvested at moderate rates are known as:
A. renewable natural resources. B. natural capital. C. nonrenewable natural resources. D. fossil fuels.