Use the following table to answer the question below.(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Suppose that market demand is represented by two demanders in columns (1) and (2) and market supply is represented by two suppliers in columns (4) and (5). If the price were artificially set at $6
A. demand would change from (2) to (1).
B. a surplus of 50 units would occur.
C. the market would clear.
D. a shortage of 110 units would occur.
Answer: D
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During World War II, the increasing productivity of workers who built ships was due primarily to
A) human capital accumulation through schooling and training. B) human capital accumulation by repeatedly doing the same tasks. C) discoveries of new and better technologies. D) investments by shipyards in new capital equipment.
A profit-maximizing monopoly will always produce at the minimum point of its average total cost (ATC) curve
a. True b. False
If funds are being loaned from one commercial bank's excess reserves on deposit with the Federal Reserve to another commercial bank's deposit account at the Fed, the transaction is taking place in:
a. the discount market. b. the currency exchange market. c. the federal funds market. d. the open market. e. the reserves market
The long-run aggregate supply analysis assumes that:
A. Input prices are fixed while product prices are variable B. Input prices are variable while product prices are fixed C. Both input and product prices are variable D. Both input and product prices are fixed