A. supply exceeds demand
B. a surplus exists
C. there is perfectly inelastic demand for the good
D. demand exceeds supply
A. a maximum price usually set by government that sellers may charge for a good
B. the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C. a minimum price usually set by government that sellers must charge for a good
D. a minimum price that consumers are willing to pay for a good.
A. The government sells assets to a the private sector
B. The government bans a product
C. The government takes control of an industry
D. The government taxes a product to a raise its price
A. There is under-consumption in the free market
B. There is over consumption in the free market
C. The government may tax to decrease production
D. Society could be made off it less was produced
A. Supply is price elastic
B. Demand is price inelastic
C. The government buys up all the excess production
D. All output must be sold at a maximum price
A. Not provided in the free market economy
B. Under provided in the free market economy
C. Over provided in the free market economy
D. Provided free
A. There is excess equilibrium
B. There is excess supply
C. There is excess demand
D. There is equilibrium
A. Be under provided in the free market
B. Be over provided in the free market
C. Not be provided in the free market
D. Has no opportunity cost
A. Increase equilibrium price and quantity
B. Decrease equilibrium price and quantity
C. Increase equilibrium price and decrease quantity
D. Decrease equilibrium price and increase quantity
A. The price elasticity of supply is – 3
B. The price elasticity of supply is – 0.2
C. The price elasticity of supply is – 2
D. The price elasticity of supply is infinity