Black-market prices are below equilibrium prices because sellers want to sell large quantities

Which of the following countries have liberalized their economies and substantially improved their economic freedom rating since 1990?

a. Argentina and Brazil b. Zimbabwe and the Republic of Congo. c. Estonia and India d. Italy and France

Answer the following questions true (T) or false (F)

1. A surplus is defined as the situation that exists when the quantity of a good supplied is greater than the quantity demanded. 2. A surplus occurs when the market price is lower than the equilibrium price. 3. It is possible for a market for a good to experience a surplus and a shortage at the same time.