When Quantity Demanded Is Greater Than Quantity Supplied,market Price Is

question 143

Short Answer

When quantity demanded is greater than quantity supplied,market price is ________ the equilibrium price.

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Definitions:

MRTS

Marginal Rate of Technical Substitution, the rate at which a firm can substitute one input for another while keeping the level of output constant.

Labor

The human effort, both physical and mental, that is used in the production of goods and services.

Isoquants

Curves on a graph that represent different combinations of inputs that produce the same level of output, used in production theory.

Robot Hours

The amount of time robots are operational and performing tasks or production processes in a manufacturing or service setting.