If there is a surplus of a good, the quantity demanded is ________ the quantity supplied, and the price will ________

For a common resource, the marginal social cost of the resource is ________ the marginal private cost

A) greater than B) equal to C) less than D) not comparable to

As producers have more time to adjust to a price change, price elasticity of supply

a. increases b. decreases c. remains the same d. rises and then falls e. falls and then rises