The term "surplus" refers to a:
A. situation in which the quantity supplied is less than the quantity demanded.
B. situation in which the quantity demanded is less than the quantity supplied.
C. market that sells secondary goods.
D. signal that producers need to increase the price of the good.
B. situation in which the quantity demanded is less than the quantity supplied.
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $2,000 B. $4,000 C. $6,000 D. $3,000
Net exports is a negative figure whenever
A. a nation's exports of goods and services exceed its imports. B. a nation's imports of goods and services exceed its exports. C. inventories dwindle. D. gross savings is greater than net investment.
People's willingness to buy an iPhone or Android phone depends on how popular the smartphone format is among other consumers. This is an example of
A. the prisoners' dilemma. B. a network effect. C. a cartel. D. an opportunity cost.
The advertised interest rate is the
A. expected rate of inflation. B. nominal interest rate minus the expected rate of inflation. C. real interest rate. D. nominal interest rate.