If economists say, "the price is too high," they mean that:
A) quantity demanded is greater than quantity supplied.
B) quantity supplied is greater than quantity demanded.
C) the equilibrium price exceeds the current price.
D) the price of a good will tend to increase.
Ans: B) quantity supplied is greater than quantity demanded.
Economics
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The concavity or bowed-out shape of the production possibilities frontier is the result of
a. the law of downward-sloping demand. b. the law of upward-sloping demand. c. the principle of increasing cost. d. complementarity in consumption.
Economics