When the price of a good is higher than the equilibrium price,
a. a shortage will exist
b. buyers desire to purchase more than is produced.
c. sellers desire to produce and sell more than buyers wish to purchase.
d. quantity demanded exceeds quantity supplied.
c
Economics
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Which of the following statements is true?
A) Arguments based on anecdotes are always true. B) In the scientific method, anecdotes are more important than data. C) Arguments by example are appropriate when contradicting a blanket statement. D) It is easier for a researcher to jump to a wrong conclusion when she uses a large data set.
Economics
When the cost of producing a unit of a good decreases as its output rate increases, there are economies of
A) scale. B) scope. C) production. D) size.
Economics