Which of the following statements differentiates between a shortage and a surplus?
A) A shortage occurs when price is held at the equilibrium price, but a surplus occurs when price is held above the equilibrium price.
B) A shortage occurs when price is held below the equilibrium price, but a surplus occurs when price is held at the equilibrium price.
C) A shortage occurs when quantity supplied exceeds quantity demanded, whereas a surplus occurs when quantity demanded exceeds quantity supplied.
D) A shortage occurs when quantity demanded exceeds quantity supplied, whereas a surplus occurs when quantity supplied exceeds quantity demanded.
Correct Answer:
Verified
Q1: Take a deck of playing cards and
Q2: A small firm manufactures maple baseball bats
Q3: A manufacturing firm operates three plants with
Q4: Which of the following statements is true?
A)
Q6: Under Soviet collective farming after World War
Q7: Suppose that a central planner in a
Q8: GDP per capita in Australia is $50,000.
Q9: In 2000, the GDP per capita in
Q10: The following table shows the GDP per
Q11: In a closed economy without a government,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents