Which of the following occurs when a market is in equilibrium?
A) quantity supplied is equal to quantity demanded
B) supply is equal to demand.
C) the price of the good will tend to rise, all else held constant.
D) the price of the good will tend to fall, all else held constant.
A
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In the figure above, in the market for low-skilled labor, the equilibrium wage rate is
A) $16. B) $8. C) $20. D) $28.
In the above figure, if the market is competitive and unregulated
A) more than the efficient amount of output will be produced. B) less than the efficient amount of output will be produced. C) the efficient amount of output will be produced. D) the distribution of income will be fair.
Figure 11-1
?
In Figure 11-1, the economy is experiencing a(n)
A. inflationary gap equal to EF. B. inflationary gap equal to ET. C. recessionary gap equal to ET. D. recessionary gap equal to FT.
The J curve shows that
A. devaluation is likely to be unsustainable. B. devaluation is more likely to improve the trade balance in the short run than in the long run. C. devaluation is more likely to improve the trade balance after a longer span of time has elapsed. D. devaluation is unlikely to improve the trade balance in either the short run or the long run.