When a surplus exists:
A) market forces will result in a lower price
B) market forces will result in a higher price
C) equilibrium is found
D) market forces will cause a shortage
Correct Answer:
Verified
Q1: If the price of corn increases:
A) there
Q2: If the price of a good increases:
A)
Q3: A market is:
A) an extreme case; all
Q4: Prices are determined by:
A) the equilibrium condition
B)
Q6: In equilibrium:
A) all people can eat; there
Q7: An increase in the income of China
Q8: A decrease in the demand for grain
Q9: Higher taxes on gasoline result in:
A) a
Q10: In a competitive industry equilibrium:
A) firms earn
Q11: The best strategy for a competitive firm
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