Author Question: Which of the following will tend to occur when a surplus exists in a market? A) supply will ... (Read 83 times)

clippers! · **on:** Jun 29, 2018

Which of the following will tend to occur when a surplus exists in a market?

A) supply will increase and demand will decrease until the surplus disappears.
B) supply will decrease and demand will increase until the surplus disappears.
C) the price will tend to rise over time.
D) the price will tend to decrease over time.

Question 2

Technology is best defined as

A) society's pool of applied knowledge concerning the production of goods and services.
B) the maximum output that can be obtained from a stock of physical capital.
C) output inside the production possibilities curve.
D) the utilization of more resources for the same amount of production.