This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A surplus occurs whenever a. current price is greater than equilibrium price b. quantity supplied ... (Read 106 times)

Melani1276

  • Hero Member
  • *****
  • Posts: 516
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kaillie

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

C


Melani1276

  • Member
  • Posts: 516
Reply 2 on: Jul 1, 2018
Excellent

abro1885

  • Member
  • Posts: 337
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Young adults who described themselves as “not being religious at all” had greater stress ... Young adults who described themselves as “not being religious at all” had greater stress ...
Concentric double-pipe heat exchanger for co-current flow Concentric double-pipe heat exchanger for co-current flow
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
The Hardy–Weinberg Equilibrium The Hardy–Weinberg Equilibrium
Video: Inflammation Animation

For a complete list of videos, visit our video library