Question

1. which of these is an example of a surplus? a) farmers have unsold crops after harvest due to low prices b) consumers rush to buy at current prices c) a price ceiling limits availability d) a shortage of raw materials reduces supply
2. which statement best explains why equilibrium is efficient? a) everyone gets what they want b) no resources are wasted; quantity demanded equals quantity supplied c) prices are always low d) supply equals demand only in theory

Explanation:

1. For question 39, a surplus occurs when quantity supplied exceeds quantity demanded. Farmers having unsold crops due to low prices means supply is more than what is demanded at those prices, which is a surplus. Consumers rushing to buy is related to high demand, a price - ceiling creates a shortage, and a shortage of raw materials reducing supply is about a supply - side reduction not a surplus.
2. For question 40, in equilibrium, quantity demanded equals quantity supplied, so no resources are wasted in over - production or under - production. It doesn't mean everyone gets what they want, prices aren't always low in equilibrium, and while supply equals demand in theory, the efficiency comes from no resource waste in practice.

Answer:

1. A. Farmers have unsold crops after harvest due to low prices
2. B. No resources are wasted; quantity demanded equals quantity supplied