If price is above the equilibrium, then quantity supplied will be greater than quantity demanded, putting downward pressure on price.
Answer the following statement true (T) or false (F)
True
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With the aging of the American population, it might be necessary to reduce the medical benefits to elderly. How do you feel about this idea?
What will be an ideal response?
Economic rent is
a. the same thing as economic profit b. the difference between accounting profit and economic profit c. the amount a firm pays to lease its factory or machinery d. any earnings in excess of the minimum needed for a good or service to be produced e. any earnings in excess of the maximum necessary for a good or service to be produced
The currency value of Agraria is set by government decree. Which of the following happens when the government alters the exchange rate so that its currency can buy more units of foreign currency?
a. Reflation b. Devaluation c. Appreciation d. Revaluation
In the short run, all prices are flexible.
a. true b. false