Multiple Choice
When the quantity supplied of a good exceeds the quantity demanded, there is a(n) :
A) shortage.
B) surplus.
C) equilibrium.
D) opportunity cost.
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Surpluses drive price up, while shortages drive
Q154: Figure: Supply-Driven Price Change <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3377/.jpg" alt="Figure:
Q155: In free markets, surpluses lead to:<br>A) lower
Q156: If the market price is above the
Q157: Gains from trade are maximized at the:<br>A)
Q159: Imagine a free market in which quantity
Q160: Figure: Demand-Driven Price Change <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3377/.jpg" alt="Figure:
Q161: Suppose that a market is characterized as
Q162: When a shortage occurs, the market price
Q163: In markets for manufactured goods, a new