Author Question: A surplus occurs whenever a. current price is greater than equilibrium price b. quantity supplied ... (Read 165 times)

Melani1276 · **on:** Jul 1, 2018

A surplus occurs whenever
a. current price is greater than equilibrium price
b. quantity supplied exceeds quantity demanded at the equilibrium price
c. quantity demanded is greater than quantity supplied
d. the problem of scarcity of a good is solved
e. some buyers would be willing and able to pay even more for it than they have to at equilibrium

Question 2

When quantity demanded of a good is less than the quantity supplied at the prevailing market price,
a. the market is in equilibrium
b. the price of the good tends to rise
c. the price of the good tends to fall
d. the demand curve shifts rightward until the surplus is eliminated
e. the supply curve shifts leftward until the shortage is eliminated