A shortage will occur whenever
A) price is below the equilibrium price.
B) price is above the equilibrium price.
C) price is equal to the equilibrium price.
D) the supply curve is upward sloping.
A
You might also like to view...
The total quantity of an economy's final goods and services demanded at different inflation rates is
A) the aggregate supply curve. B) the aggregate demand curve. C) the Phillips curve. D) the aggregate expenditure function.
In a business cycle, a period from peak to trough may be referred to as ________
A) an expansion B) a recurrence C) a contraction D) all of the above E) none of the above
Use the above table. What will the output level be when external costs are internalized with a tax?
A) 4 B) 5 C) 6 D) 7
Marginal cost is best defined as
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.