When a resource price is below equilibrium,
a. excess supply will be present.
b. excess demand will be present.
c. the supply of the resource will be inelastic.
d. the demand for the resource will be inelastic.
B
Economics
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Which of the following statements is false?
A) Real GDP is the quantity of goods and services valued in base-year prices or base-year dollars. B) "Aggregate demand" and the "quantity demanded of Real GDP" are the same. C) According to the aggregate demand (AD) curve, the quantity demanded of Real GDP and the price level are inversely related. D) Real GDP is denominated in current-year prices. E) b and d
Economics
Past expenses are irrelevant to supply decisions because
What will be an ideal response?
Economics