A surplus will occur in a market if:
A. the quantity supplied at a given price exceeds the quantity demanded at that price.
B. the quantity demanded at a given price is less than the quantity supplied at that price.
C. there are not enough sellers at the prevailing price.
D. there are too many buyers at the prevailing price.
A. the quantity supplied at a given price exceeds the quantity demanded at that price.
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For an economy in equilibrium, the Keynesian model suggests that the plot of aggregate expenditure against RGDP: a. is a vertical line
b. has slope lesser than 1. c. has slope equal to 1. d. is a horizontal line.
Related to the Economics in Practice on page 221: Because land is demand determined, an acre of land in downtown Harlingen, Texas ________ an acre of land in downtown Chicago, Illinois.
A. would cost exactly the same as B. would most likely cost less than C. would most likely cost more than D. should cost approximately the same as