According to your text, when a surplus exists,
A) buyers compete with buyers.
B) buyers compete with sellers.
C) sellers compete with sellers.
D) nobody has to compete because scarcity has been eliminated.
C
Economics
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A tax on gasoline is likely to
a. cause a greater deadweight loss in the long run when compared to the short run. b. cause a greater deadweight loss in the short run when compared to the long run. c. generate a deadweight loss that is unaffected by the time period over which it is measured. d. none of the above is correct.
Economics
The above figure shows the demand and supply curves in the market for milk. Currently the market is in equilibrium. If the government establishes a $4 per gallon price support, estimate the change in p, Q, and social welfare
What will be an ideal response?
Economics