Which of the following accurately describes a surplus?
Consumer demand for a certain car is below the number of cars that are produced.
The production costs for a certain car are below the sale price of that car.
A car company tries to charge too high a price for a car and has to reduce the price.
A reduction in the cost of steel enables a car company to reduce the sale price of its cars.
Which of the following occurs when someone buys a third winter coat?
Decreasing marginal utility
Elasticity
Substitution
Efficient production
All of the following factors affect the level of wages except which of the following?
The law of supply and demand.
Minimum-wage laws.
The actions of labor unions.
The production possibilities frontier.
3 answers
1 answer