Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 3, Problem 8SQ
To determine
The occurrence of the surplus in the economy.
Expert Solution & Answer
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When there is an excess quantity supplied of a product at the current price, then:
a. the market price must be below equilibrium price.
b. the market price will tend to rise.
c. the market price must be above equilibrium price.
d. the market price will tend to fall.
e. both c. and d. will occur.
Which one of the following statements is incorrect?A. If the market price is above the equilibrium price, a market surplus will develop.B. If the market price is below the equilibrium price, there will be an excess demand for the product.C. If the market price is below the equilibrium price, a market shortage will develop.D. If the market price is above the equilibrium price, there will be an excess supply of the product.E. If the market price is above the equilibrium price, the quantity demanded is greater than the quantity supplied.
If the quantity supplied of a product is less than the quantity demanded, then:
A. There is a shortage of the product
B. There is a surplus of the product
C. The product is a normal good
D. The product is an inferior good
Chapter 3 Solutions
Economics For Today
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Prob. 9SQCh. 3.A - Prob. 10SQCh. 3.A - Prob. 11SQCh. 3.A - Prob. 12SQCh. 3.A - Prob. 13SQCh. 3.A - Prob. 14SQCh. 3.A - Prob. 15SQCh. 3.A - Prob. 16SQCh. 3.A - Prob. 17SQCh. 3.A - Prob. 18SQCh. 3.A - Prob. 19SQCh. 3.A - Prob. 20SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
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Similar questions
- If the quantity demanded is less than the quantity supplied, then:A. the price will have to increase to establish equilibrium.B. there will be an excess supply of goods.C. the demand will shift to the right.D. there will be a shortage of goods.arrow_forwardA market supply curve shows how the total quantity supplied of a good varies as a. price of the nearest substitute good varies b. supply of that good varies c. price of that good varies d. demand of that good variesarrow_forwardPrice A B P C EQ Market for Product X What would happen to the equilibrium price of Product X if demand for Product X decreased? It would rise. It would fall. Quantity It would fluctuate. S It would stay the same. Darrow_forward
- Price P EQ A B Market for Product X D Quantity What would happen to the equilibrium price of Product X if demand for Product X increased? It would rise. It would fall. It would fluctuate. S It would stay the same. Darrow_forwardcarefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer for QUESTION 2, 3 and 4. Questions 2) impact on supply 3)impact on price 4)impact on quantity Answers. a. decrease equilibrium quantity b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right m.shift inwards/to leftarrow_forwardIncrease in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowersarrow_forward
- If there is a market shortage of 20 units, what is the impact on price? A. The price is below the equilibrium at $50 B. The price is above the equilibrium at $50 C.The price is equal the equilibrium at $50 D. None of the abovearrow_forwarda. Draw a supply-demand graph in the market for milk. Indicate equilibrium price and equilibrium quantity. b) in the same graph, indicate a price at which there is a surplus of milk. Show the surplus of milk in your graph.arrow_forwarda. Is the quantity demanded higher or lower than at the equilibrium price? b. What about the quantity supplies? c. Is there a shortage in the market? If so, how much?arrow_forward
- Good X and good Y are substitutes. If the price of good Y increases, then the a. Demand for good X will decrease. b. Demand for good X will increase. c. Quantity demanded of good Y will increase. d. Market price of good X will decrease.arrow_forwardWhich one of the following statements is incorrect?At equilibrium:A. demand is equal to supply.B. the quantity demanded is equal to the quantity supplied.C. there is no excess demand.D. there is no excess supply.E. there is no market surplus.arrow_forwardSuppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the price of good X is $4: a. The quantity supplied will be more than 60 units. b. The quantity demanded will be more than 60 units c. There will be an excess supply of good X. d.The quantity demanded will be less than 60 units.arrow_forward
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