When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True
b. False
Indicate whether the statement is true or false
True
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The impact of technological change in the health care area has been to
A) reduce the quality of health care while raising the costs. B) reduce the cost of health care. C) increase the quality of health care while decreasing the costs. D) increase both the quality of health care and the costs of health care.
Which of the following is true?
a. A fall in a good's price leads to a decrease in quantity demanded, illustrated by moving along a demand curve. b. According to the law of demand, other things equal, when the price of a good or service falls, demand increases.c. A change in demand for chocolate bars is caused by a change in the price of chocolate bars d. None of the above is true.
The aggregate supply curve would shift downward if
a. unit costs increase due to an increase in output b. the wage rate increases c. good weather increases crop yields d. an increase in real GDP causes the price level to decrease e. an oil embargo causes world oil prices to rise
With few applicants and several key positions to fill, the owner of a commercial bakery increased the starting wage offered from $12.00 to $15.00 per hour and was able to fill the positions. Which of the following is true of the $12.00 wage rate?
a. The wage is lower than equilibrium. b. The wage is at equilibrium. c. The wage created a surplus. d. The wage attracted just enough workers.