Using the data in the table above, if the price of a stapler is $8, then there is ________ of staplers and the quantity of staplers demanded ________ the quantity of staplers supplied
A) a shortage; is greater than
B) a surplus; is greater than
C) a shortage; is less than
D) neither a surplus nor a shortage; equals
E) a surplus; is less than
E
Economics
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For a linear production function, q = f(L,K) = 4L + 2K, what is the short-run production function given that capital is fixed at = 50?
A) q = 4L + 100 B) q = 4L + 50 C) q = 4L D) q = 104
Economics
Demand is elastic if the price elasticity of demand is greater than 1
a. True b. False Indicate whether the statement is true or false
Economics