When the price of a good is above the equilibrium, there ...
When the price of a good is above the equilibrium, there will be
A shortage
A surplus.
Unemployment
Inflation
Correct answer is B
If the price of a good is above equilibrium, this means that the quantity of the good supplied exceeds the quantity of the good demanded. There is a surplus of the goods on the market.
Statutory organisations usually established by Acts of Parliament are called ...
If a total cost curve is plotted, marginal cost can be illustrated by the ...
Crude petroleum is a good example of a ...
The main objective of the Economic Community of West African State is to ...
One of the major factors that brings about changes in supply is ...
In a free market economy, the rationing of scarce goods is done principally by ...
Which one of the following functions of banks in Nigeria is reserved to the Central Bank? ...