If there is a surplus of tacos, then the quantity of tacos demanded equals the quantity of tacos supplied. supply curve of tacos will shift leftward to eliminate the surplus. quantity of tacos demanded is less than the quantity of tacos supplied. market is at equilibrium.
If there is a surplus of tacos, then the quantity of tacos demanded equals the quantity of tacos supplied. supply curve of tacos will shift leftward to eliminate the surplus. quantity of tacos demanded is less than the quantity of tacos supplied. market is at equilibrium.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:If there is a surplus of tacos, then the
O quantity of tacos demanded equals the quantity of tacos supplied.
O supply curve of tacos will shift leftward to eliminate the surplus.
quantity of tacos demanded is less than the quantity of tacos supplied.
O market is at equilibrium.

Transcribed Image Text:You know that the school parking lot gets very congested about 8:30 a.m. To
avoid this congestion, you start arriving at school at 8:00 a.m. However
many other students make the same decision, and now the parking lot
becomes very congested at 8:00 a.m. This is an example of the
fallacy of composition.
ceteris paribus fallacy.
fallacy of division.
post hoc fallacy.
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