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28 A surplus exists in a market if the actual price is A.equal to equilibrium price. B.below equilibrium quantity. C.below equilibrium price. D.above equilibrium price.
28 A surplus exists in a market if the actual price is
- A.equal to equilibrium price.
- B.below equilibrium quantity.
- C.below equilibrium price.
- D.above equilibrium price.
- E.None of the answers are correct.
31 If you receive a decrease in your wage income, we would expect
- A.your demand for inferior goods to increase.
- B.your demand for luxury goods to increase.
- C.None of the answers are correct.
- D.your demand for normal goods to increase.
- E.your demand for each good you purchase to remain unchanged.
32 A farmer can produce either a corn or wheat in his field and he is indifferent between them. If the price of corn decreases, then the
- A.supply of corn would decrease.
- B.supply of wheat would increase.
- C.None of the answers are correct.
- D.supply of corn would increase.
- E.supply of wheat would decrease.
33 The saying, "There is no such thing as a free lunch," is used to define the concept of
- A.productivity.
- B.None of the answers are correct.
- C.tradeoffs.
- D.efficiency.
- E.scarcity.
37 If the price of a product increases:
- A.the price increase has no effect on the producer surplus.
- B.the consumer surplus will increase.
- C.None of the answers are correct.
- D.the producer surplus will decrease.
- E.the consumer surplus will not change.
39 The law of demand is illustrated by a demand curve that is:
- A.upward sloping.
- B.vertical.
- C.constant sloping.
- D.horizontal.
- E.None of the answers are correct.
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