At the equilibrium price, there are
A. Surpluses.
B. Shortages.
C. Excess inventories.
D. No shortages or surpluses.
Answer: D
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Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?
A) point A. B) point B. C) point C. D) point D. E) none of the above
The conditions for unaligned retailer and manufacturer incentives include
a. customers are familiar with the product before they shop for it b. retailers have no opportunity to educate consumers c. manufacturers have little scope for educating consumers d. demand for the product is decreased with some consumer education
TC/q is
A. MC. B. ATC. C. TVC. D. AVC.
Refer to the data provided in Table 9.3 below to answer the following question(s). Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $84, then in the long run the firm will
A. operate and expand. B. operate but not expand. C. shut down, but not go out of business. D. go out of business.