If there is a surplus of tacos, then the
A) quantity of tacos demanded equals the quantity of tacos supplied.
B) quantity of tacos demanded is greater than the quantity of tacos supplied.
C) quantity of tacos demanded is less than the quantity of tacos supplied.
D) market is at equilibrium.
E) supply curve of tacos will shift leftward to eliminate the surplus.
C
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A key insight of the public choice model is that public policymakers are likely to pursue the public's interest, even if their self-interests conflict with the public interest
Indicate whether the statement is true or false
People who are more productive in market work
a. produce less for themselves b. spend more time engaged in nonmarket work c. work fewer hours in market work and enjoy more leisure d. are more likely to acquire skills and education through nonmarket work e. are attracted to market employment at lower wages
If the general level of prices is lower than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. An economic boom. b. Highly attractive profit margins. c. An actual rate of unemployment that is greater than the natural rate of unemployment d. A sharp increase in imports.
Which of the following correctly describes the automatic mechanism through which the economy adjusts to long-run equilibrium?
A) the leftward shift of the short-run aggregate supply curve that occurs after a recession B) the rightward shift of the short-run aggregate supply curve that occurs after a recession C) the leftward shift of the aggregate demand curve that occurs after a recession D) the rightward shift of the aggregate demand curve that occurs during a recession