If Total Surplus Equals $45,000 at the Equilibrium Price, Then

question 75

True/False

If total surplus equals $45,000 at the equilibrium price, then total surplus will rise if the price falls below its equilibrium.

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Definitions:

Stagflation

A situation in an economy where inflation rates are high while economic growth rate slows down and unemployment remains steadily high.

Recession

A span of brief economic recession where business and industrial output slows down, often evidenced by a drop in Gross Domestic Product across two successive three-month periods.

Recessions

Periods marked by momentary economic downturns with lesser trade and industrial operations, typically recognized by GDP reductions in two continuous quarters.

Federal Budget Deficit

The financial situation that occurs when a government's expenditures exceed its revenues in a fiscal year.