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When quantity supplied exceeds quantity demanded at the current market price,the market has a surplus,and market price will likely rise in the future to eliminate the surplus.

A) True
B) False

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Sellers as a group determine the demand for a product,and buyers as a group determine the supply of a product.

A) True
B) False

Correct Answer

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In a market,the price of any good adjusts until quantity demanded equals quantity supplied.

A) True
B) False

Correct Answer

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When the market price is below the equilibrium price,the quantity of the good demanded exceeds the quantity supplied.

A) True
B) False

Correct Answer

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A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price.

A) True
B) False

Correct Answer

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If a higher price means a greater quantity supplied,then the supply curve slopes upward.

A) True
B) False

Correct Answer

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A market's equilibrium is the point at which the supply and demand curves intersect.

A) True
B) False

Correct Answer

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When the market price is above the equilibrium price,the quantity of the good demanded exceeds the quantity supplied.

A) True
B) False

Correct Answer

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