A surplus exists in a market if
a. there is an excess demand for the good
b. quantity demanded exceeds quantity supplied.
c. the current price is above its equilibrium price.
d. All of the above are correct.
c
Economics
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The fastest-growing part of the federal budget is
A) national defense. B) payments for services rendered. C) entitlements. D) government salaries.
Economics
As a general rule, oligopoly exists when the four-firm concentration ratio:
A. exceeds the Herfindahl index. B. is less than the Herfindahl index. C. is 40 percent or more. D. is 15 percent or more.
Economics