If there is a surplus of a product, its price:
A. is below the equilibrium level.
B. is above the equilibrium level.
C. will rise in the near future.
D. is in equilibrium.
Answer: B
Economics
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Monopolistic firms that practice international dumping:
a. suffer losses on their sales in foreign markets. b. suffer losses on their sales in domestic markets. c. maximize their monopoly profits. d. are subject to antidumping taxes in their home countries.
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The long-run Phillips curve:
a. is downward sloping. b. is upward sloping. c. shows there is no tradeoff between unemployment and inflation. d. is horizontal at the natural rate of inflation.
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