If a surplus exists in a market, then
A) Price is above market equilibrium and quantity demanded is less than quantity supplied
B) Price is below market equilibrium and quantity demanded is less than quantity supplied
C) Price is above market equilibrium and quantity demanded is greater than quantity supplied
D) Price is below market equilibrium and quantity demanded is greater than quantity supplied
Correct Answer:
Verified
Q15: A market
A)describes the decision making process of
Q16: When price falls below market equilibrium
A)A surplus
Q17: This represents the buyers' side of the
Q18: The inverse relationship between price and quantity
Q19: A movement along an existing demand curve
Q21: Which of the following best describes the
Q22: Reference: Use the following graphs for the
Q23: Use the following schedule of data
Q24: identify how the described changes will affect
Q25: identify how the described changes will affect
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