Define the following: market equilibrium, surplus, and shortage
What will be an ideal response?
When a market is in equilibrium, quantity supplied is equal to quantity demanded. If quantity supplied is greater than quantity demanded, there is a surplus. If quantity demanded is greater than quantity supplied, there is a shortage.
Economics
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An asset for a commercial bank is its loans
a. true b. false
Economics
Emily is a writer, and uses her tablet computer to write a 500-page novel that she sells to a publishing company for $500,000. If the publisher prints 1 million copies that sell for $25 each, what is the contribution to GDP of Emily's novel?
A) $25 million B) $20 million C) $500,000 D) $50,000
Economics