In the short run, it is necessary to nonprice ration a good whenever ________ exists.
A. a surplus
B. excess supply
C. excess demand
D. market equilibrium
Answer: C
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Which of the following questions is NOT a microeconomic question?
A) Can the Federal Reserve keep income growing by cutting interest rates? B) How would a tax on e-commerce affect eBay? C) What is Britney's opportunity cost of having another baby? D) Does the United States have a comparative advantage in information technology services?
Consider the following two scenarios:
i) The marginal product of a worker in a firm is 10 units. When an additional worker is employed, his marginal product is less than 10 units. ii) The average total cost of a firm producing 10 units of output is $200. When it produces an additional unit, the average total cost increases to $300. What is the difference between these scenarios? What could be the reason behind both phenomena occurring? Does specialization explain any of the above situations?
Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people
One of the elements of monopolization is
A) having a superior product or having a superior business acumen.. B) the possession of monopoly power in the relevant market. C) when only one firm exists in an industry. D) having a significant pricing power due to an accident in the relevant market.