When a surplus exists in a market, we know that the actual price is:
A) above equilibrium price, and quantity supplied is greater than quantity demanded.
B) above equilibrium price, and quantity demanded is greater than quantity supplied.
C) below equilibrium price, and quantity demanded is greater than quantity supplied.
D) below equilibrium price, and quantity supplied is greater than quantity demanded.
Correct Answer:
Verified
Q3: Suppose that the equilibrium price in the
Q4: A shortage of a good occurs when:
A)
Q5: Figure: Price Adjustment Q6: When there is a surplus of a Q7: Use the following to answer questions: Q9: When the quantity supplied of a good Q10: In free markets, surpluses lead to: Q11: In a market, the equilibrium condition is Q12: In free markets, shortages lead to: Q13: A market can be described by the
Figure: Market
A) lower
A) lower
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