Which situation below would represent a shortage in the oil market?
A. quantity demanded is 5.2 million; quantity supplied is 5.1 million.
B. market price $75.00 per barrel; equilibrium price $81.00 per barrel.
C. market price $81.00 per barrel; equilibrium price $75.00 per barrel.
D. quantity supplied this year is 25% greater than quantity supplied last year.
B. market price $75.00 per barrel; equilibrium price $81.00 per barrel.
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For a single-price monopoly, price is
A) greater than marginal revenue. B) one half of marginal revenue. C) equal to marginal revenue. D) unrelated to marginal revenue. E) always less than average total cost when the firm maximizes its profit.
In a two-good, two country world, if one country has a comparative advantage in the production of one good, it can benefit by trading with the other country
Indicate whether the statement is true or false
Which of the following is an example of a worker experiencing cyclical unemployment?
A) an assembly line worker who loses his job because of automation B) a worker who quits his job because he does not get along with his boss C) a worker who changes jobs to move closer her family D) a lifeguard who was hired during the summer season is laid off after summer is over E) a freightliner employee that got laid off because of the recession of 2007-2009
The Fed's response to the financial crisis of 2007 and 2008 was to
A. raise the reserve requirement. B. raise the federal funds rate. C. encourage discount window borrowing. D. reduce taxes on financial institutions.