Which situation below would represent a surplus in the fertilizer market?
A) Quantity demanded is 1.2 million;quantity supplied is 1.1 million.
B) Market price $2.00 per bag;equilibrium price $2.25 per bag.
C) Market price $2.50 per bag;equilibrium price $2.00.
D) Quantity supplied this year is 25% greater than quantity supplied last year.
Correct Answer:
Verified
Q39: As price declines,quantity supplied
A)rises.
B)falls.
C)remains the same.
Q40: There is a shortage of quantity demanded
Q41: Demand is defined as
A)the quantity people would
Q42: The demand curve shows the relationship between
A)the
Q43: When a price ceiling that has an
Q45: If the demand for mushrooms increases while
Q46: When quantity supplied equals quantity demanded,
A)there is
Q47: When the demand for a product decreases
Q48: Shortages are associated with price _;surpluses are
Q49: When the supply of a good increases
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