When there is an excess quantity supplied
A) the market is in equilibrium.
B) quantity demanded is greater than quantity supplied.
C) quantity demanded is less than quantity supplied.
D) prices will remain stable.
Answer: C
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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
An opportunity cost is
A) an opportunity lost. B) only the explicit costs of an action. C) only the costs a person can consciously articulate at the moment of deciding. D) none of the above.
Which of the following is classified as an asset for a commercial bank customer?
A) A car loan B) A commercial loan C) Demand deposits D) Deposits with the Federal Reserve
Which of the following best describes efficiency in the demand and supply model?
a. The economy is receiving as much benefit as possible from its scarce resources and all the possible gains from trade have been achieved. b. The economy is receiving as much benefit as possible from its scarce resources but not achieving all the possible gains from trade. c. The economy is not receiving as much benefit as possible from its scarce resources but is getting all the possible gains from trade. d. The economy is not receiving as much benefit as possible from its scarce resources and not achieving all the possible gains from trade.