If a surplus exists in a market, what do we know?
a. The actual price is below equilibrium price, and quantity supplied is greater than quantity demanded.
b. The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded.
c. The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied.
d. The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied.
Ans: b. The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded.
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Broker Oliver and broker Sherman agreed to split the commission on an open listing. Broker Oliver had a buyer, but the deal fell through. Two weeks later, broker Sherman found a buyer. Who gets the commission?
a. both equally b. just broker Sherman c. just broker Oliver d. neither is entitled to a commission because this is an open listing
________ maintains that marketers must satisfy customers' needs in ways that also benefit society and are profitable to the firm
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