At prices above the equilibrium price
A) quantity supplied exceeds quantity demanded
B) quantity demanded exceeds quantity supplied
C) there is shortage
D) all of the above is possible
Correct Answer:
Verified
Q1: The horizontal supply curve parallel to quantity
Q2: When output is zero, variable cost is
Q3: Change in quantity supplied of a product
Q5: When MC cuts AC, AC is at
Q6: Cost function relates cost to
A)input
B)output
C)raw material
D)machines
Q7: An increase in market demand, supply remaining
Q8: There is no distinction between firm and
Q9: A fall in the market demand, supply
Q10: The cost of next best alternative is
Q11: When MC is greater than AC, AC
A)rises
B)falls
C)maximum
D)minimum
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