A surplus of wheat:
a. is impossible if people are hungry.
b. is impossible if the price of wheat is below equilibrium.
c. will result when the quantity demanded exceeds the quantity supplied at the current price.
d. is unlikely to cause any change in the price of wheat.
e. indicates that the problem of scarcity of wheat has been solved.
Question 2
The price of a good will fall if:
a. there is an excess demand of the good.
b. demand and supply of the good are the same.
c. there is an excess supply of the good.
d. the price is below the equilibrium price.
e. the price is near the equilibrium price.
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