At a price above the equilibrium price, there is
A) a shortage.
B) a surplus.
C) excess demand.
D) super-equilibrium.
E) none of the above
B
You might also like to view...
Refer to Table 4-3. For whom is the good a normal good?
Table 4-3
Price | Bert’s | Ernie’s | Grover’s | Oscar’s |
$0.00 | 20 | 16 | 4 | 8 |
$0.50 | 18 | 12 | 6 | 6 |
$1.00 | 14 | 10 | 2 | 5 |
$1.50 | 12 | 8 | 0 | 4 |
$2.00 | 6 | 6 | 0 | 2 |
$2.50 | 0 | 4 | 0 | 0 |
a. This cannot be determined from the table.
b. Grover only
c. Bert only
d. Bert, Ernie, Grover, and Oscar
An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services
a. True b. False Indicate whether the statement is true or false
The set of items that serve as media of exchange clearly includes
a. demand deposits. b. short-term bonds. c. credit cards. d. All of the above are correct.
All of the following could be a barrier to entry EXCEPT:
A. decreasing long-run average cost. B. rising LMC. C. patents. D. switching costs. E. a government franchise.