A surplus quantity will occur when

a. quantity demanded is greater than quantity supplied.
b. price is above equilibrium.
c. demand is elastic.
d. price is below equilibrium.

b. price is above equilibrium.

Economics

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One benefit to private sector production of a collective consumption good is _____

a. it overcomes the free riding problem b. private producers can often bundle the good with something else people value c. profits from private companies can be taxed d. provides information valuable in allocating future resources

Economics

As a general rule, marginal utility will be less:

a. as less of the good is consumed. b. as more of the good is consumed. c. when average utility is at a maximum. d. only when the good is inferior. e. when satisfaction is less than cost.

Economics