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Free Demand & Supply Together Learning App (Android & iOS) with MCQ: "When quantity supplied is greater than quantity demanded, this situation is known as"; with answers: surplus, deficit/shortage, increase in supply, and decrease in demand. Learn market forces and demand and supply questions and answers to improve problem solving skills to access economics distance programs.

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MCQ 296: When quantity supplied is greater than quantity demanded, this situation is known as:

  1. deficit/shortage
  2. surplus
  3. decrease in demand
  4. increase in supply

MCQ 297: Any change that lets your quantity demanded decreases with the decrease in price too is known as:

  1. low demand
  2. no demand
  3. decrease in demand
  4. decrease in supply

MCQ 298: The government sponsored programs that provide benefits to people based on individual contributions to that program falls under the category of:

  1. social welfare programs
  2. social benefit programs
  3. libertarianism
  4. social insurance programs

MCQ 299: If a firm has $200 in total revenue and the firm pays its factors of production $100, then the accounting profit is:

  1. $300
  2. $100
  3. $110
  4. $120

MCQ 300: If infrastructure facilities are available for expanding output of a particular good in response to the rise in prices, the elasticity of supply will be relatively:

  1. less elastic
  2. more elastic
  3. less inelastic
  4. more inelastic

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