There is a surplus in a market for a product when
A. demand is less than supply.
B. quantity demanded is less than quantity supplied.
C. the current price is lower than the equilibrium price.
D. quantity demanded is greater than quantity supplied.
Answer: B
Economics
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The final consumer demand for beef in America will shift to the right if
A. the price of cattle decreases. B. the price of chicken increases. C. the price of pork decreases. D. the price of beef decreases.
Economics
Politicians have an incentive to favor short-run policies because _____
a. because voters suffer from myopia b. of special interests c. they may be voted out of office before long-run policies bear fruit d. of rational ignorance
Economics