Suppose that a market for a product is in equilibrium at a price of $3 per unit. At any price below $3 per unit
A) there will be an excess demand for the product.
B) the quantity demanded of the product will be less than the quantity supplied of that product.
C) there will be a surplus of that product.
D) there will be an excess supply of the product.
A
Economics
You might also like to view...
Refer to Table 4-4. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 420,000 B) W = $9.00; Q = 410,000 C) W = $8.50; Q = 400,000 D) W = $8.00; Q = 390,000
Economics
If a firm produces nothing, which of the following costs will be zero?
a. total cost b. fixed cost c. opportunity cost d. variable cost
Economics