Find equilibrium price and quantity.
$11.75; 20
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The production possibilities frontier slopes downward and to the right because of limited resources.
Answer the following statement true (T) or false (F)
The downward sloping labor demand curve demonstrates that as the ________ increases the ________ decreases
A) nominal wage; amount of labor supplied B) real wage; amount of labor supplied C) real wage; amount of labor hired D) nominal wage; amount of labor hired
With respect to U.S. Treasury bills,
A) the bid price is always greater than the asked price. B) the asked price is always greater than the bid price. C) the bid price is only greater than the asked price if investors expect interest rates to decline in the future. D) the asked price is only greater than the bid price if investors expect interest rates to decline in the future.
Which of the following goods is the best example of a natural monopoly?
A) distribution of electricity B) diamonds C) first-class mail D) a patented good E) blouses