At market equilibrium
A) shortages are greater than surpluses. B) surpluses are greater than shortages.
C) quantity demanded equals quantity supplied. D) demand equals supply.
C
Economics
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Refer to Scenario 1. The production function illustrated in the table:
A) incurs diminishing marginal returns beyond the first unit of labor. B) incurs diminishing marginal returns beyond the second unit of labor. C) incurs diminishing marginal returns beyond the third unit of labor. D) does not incur diminishing marginal returns because marginal product is positive for each unit of labor employed.
Economics
Assuming no government or foreign sector, [1 / MPS] represents
A. the multiplier. B. the consumption function. C. autonomous income. D. negative saving.
Economics