On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve. There is a __________ at that price and the current price must be __________ the equilibrium price
A) shortage; above
B) shortage; below
C) surplus; above
D) surplus; below
C
Economics
You might also like to view...
The term price taker is used to describe a situation in which consumers have no influence over the market price for a good or service and must take whatever price is set by the economically powerful firms
a. True b. False
Economics
A fixed exchange rate system encourages speculators to attack weaker currencies
a. True b. False Indicate whether the statement is true or false
Economics