When federal outlays exceed revenues, the budget is said to be in surplus

The current price of wheat is $10 per bushel, but the equilibrium price of wheat is $5 per bushel. As a result, a. the quantity supplied of wheat exceeds the quantity demanded of wheat at $10 per bushel. b. the equilibrium quantity of wheat exceeds the quantity demanded at the $10 price

c. there is a surplus of wheat at the $10 price. d. All of the above are correct.

Markets tend to overproduce goods that generate external costs.

Answer the following statement true (T) or false (F)