One of the most obvious clues to the relative scarcity of a product is
A) the limited selection of colors. B) the quality of the product.
C) the variations in available sizes. D) its current market price.
D
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Under which of the following scenarios would a park be considered a club good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables. b. Visitors to the park must pay an admittance fee and frequently all of the picnic tables are in use. c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables. d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
At a price above the equilibrium price, there is
A) a shortage. B) a surplus. C) excess demand. D) super-equilibrium. E) none of the above