If, at the current price, there is a surplus of a good, then O a. sellers are producing more than buyers wish to buy. the market must be in...
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If, at the current price, there is a surplus of a good, then
O a. sellers are producing more than buyers wish to buy.
O b. the market must be in equilibrium.
O c. the price is below the equilibrium price.
O d. quantity demanded equals quantity supplied.

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Which of the following is likely to have the most price inelastic demand?
O a. tablet computers
O b. leather boots
O c. lightbulbs
O d. optional textbooks

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Figure 3-2
Brazil's Production Possibilities Frontier
400 Teasheus
360
320-
200-
240
200
160 +
120 -
80-+
40
8
Refer to Figure 3-2. If the production possibilities frontier shown is for two months of production, then which of the following combinations of peanuts and cashews could Brazil not produce in two
months?
a. 5 peanuts and 88 cashews
O b. 4 peanuts and 115 cashews
Flash
O c. 3 peanuts and 155 cashews
O d. 1 peanuts and 200 cashews

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