If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists.
B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists.
C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists.
D) quantity supplied of carrots equals the quantity demanded.
E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.
B
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A clear effect of deregulating the airline industry has been to
A) eliminate price competition between airlines. B) make fewer flights available at popular times. C) raise average fares. D) reduce airline safety. E) reduce the average wage of pilots.
If a decrease in prices increases total revenue for a product in the short run, in the long run, it will: a. Increase total revenue by more
b. Increase total revenue by less. c. Decrease total revenue. d. Either b. or c. could result in the long run.
Factor markets are markets where ______.
a. firms sell the use of their inputs to households b. governments buy and sell the use of inputs and products c. households sell the use of their capital, land, labor, and entrepreneurial ability to firms d. firms purchase manufactured goods and technical services from individuals and government agencies
Short-run costs that do not depend on the level of output are
A. total variable costs only. B. both total variable costs and total costs. C. total fixed costs only. D. total costs only.