(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (4), the table suggests that equilibrium price and quantity:
A. will be $9 and 60 units.
B. do not exist in this market.
C. will be $8 and 60 units.
D. will be $8.50 and 55 units.
Answer: D
You might also like to view...
According to aggregate demand and supply analysis, America's involvement in the Vietnam War had the effect of
A) increasing aggregate output, lowering unemployment, and raising the inflation. B) decreasing aggregate output, lowering unemployment, and lowering the inflation. C) increasing aggregate output, raising unemployment, and raising the inflation. D) decreasing aggregate output, raising unemployment, and lowering the inflation.
Which of the following will possibly cause a leftward shift in the production possibility curve, representing good X and good Y?
a. A decrease in a country's GDP b. An increase in the price of good X c. An increase in the price of good Y d. A decrease in the price of good Y e. A decrease in the price of good X
In the short-run, a firm's supply curve is equal to the
a. marginal cost curve above its average variable cost curve. b. marginal cost curve above its average total cost curve. c. average variable cost curve above its marginal cost curve. d. average total cost curve above its marginal cost curve.
Briefly describe the key economic features of the European Union.
What will be an ideal response?