Category: Market

A. quantity demanded will be greater than quantity supplied
B. quantity demanded will be less than quantity supplied
C. demand will be less than supply.
D. quantity demanded will equal quantity supplied .

A. The price consumers are willing to pray for a unit
B. The cost of providing a unit
C. The profits made by a firm
D. The difference the price a consumer pays for an item and the price he/she is willing to pay

A. Supply is price elastic
B. Demand is price elastic
C. Supply is stable
D. Demand and supply are price inelastic

A. players are better of to act independently
B. monopoly is better than competition
C. people will always cheat
D. players are better off if they co-operate

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. moral hazard
B. risk aversion
C. adverse selection
D. a poor gamble

A. long run marginal cost
B. short run marginal cost
C. long run average cost
D. long run marginal cost

A. The price elasticity of supply is price inelastic
B. The price elasticity of supply is price elastic
C. The price elasticity of supply is perfectly elastic
D. The price elasticity of supply is infinity

A. there is a shortage and the price will rise
B. the quantity demanded is equal to the quantity supplied and the price remains unchanged
C. there is a shortage and the price will fall
D. there is a surplus and the price will rise

A. The social marginal costs are higher than the private marginals costs
B. A product is not provided in the free market
C. The social marginal cost equal the social marginal benefit
D. The social marginal benefits are higher than the private marginal benefits