Assume there is a surplus in the market for hybrid automobiles. Which of the following statements correctly describes this situation?
A) The price of hybrid automobiles will fall in response to the surplus; as the price falls the quantity demanded will increase and the quantity supplied will decrease.
B) Some consumers will be unable to obtain hybrid automobiles at the market price and will have an incentive to offer to buy the product at a higher price.
C) The supply of hybrid automobiles is greater than the demand for hybrid automobiles.
D) The surplus will cause an increase in the equilibrium price of hybrid automobiles.
Question 2
The number of people receiving Medicare coverage is expected to ________ by the year 2025.
A) reach 5 million by B) stabilize
C) grow to 74 million D) decline by 10 percent
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