A surplus means a(n):
A. excess demand for the product at the current price.
B. situation where the current market price is too low.
C. situation where the quantity demanded exceeds the quantity supplied.
D. excess supply of the product at the current price.
Answer: D
Economics
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The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs b. it provides a good fit to the traditional S-shaped production function c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable d. all of the above e. none of the above
Economics