ECO202 Test.docx - ECO202 Test 15 Quiz question on supply...

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ECO202 Test 15. Quiz question on supply and demand??? 16. When supply and demand are out of equilibrium the economy is out of equilibrium.* 17. Excess demand occurs when the price is less/greater than the equilibrium price. less. Excess supply occurs when the price is less/greater than the equilibrium price. 18. Chris has a 1 hour break b/w classes, go to gym or go to work* 19. quiz question t/f * 20. If excess supply occurs, what happens – the price is lowered 22. When a current price is below equilibrium price, quantity demanded exceeds quantity supplied 23. If a nation has the lowest opportunity of producing a good, the nation has a comparative advantage. QUIZLET 24. Larry has a comparative advantage what does that mean, he has the lowest opportunity cost. 25. if technology changes what affect does it have on supply and demand? It causes a shift in demand. 26. if price is above equilibrium price, there will be a greater quantity supplied than demanded.
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