Equilibrium takes place where:
A. prices are maximized.
B. supply is highest.
C. supply and demand intersect.
D. demand is highest.
Answer: C
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An economy in which government bureaucracy decides how much of a good to produce, how to produce the good, and who gets the good is known as a
A) centrally planned economy. B) market economy. C) mixed economy. D) laissez-faire economy.
The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total variable cost of producing 80 units equals
A) less than $50. B) more than $50 and less than $70. C) more than $70 and less than $90. D) more than $90 and less than $120. E) more than $120.
What is the aggregate demand multiplier and why does it occur?
What will be an ideal response?
Customer discrimination is illegal in the United States
a. True b. False Indicate whether the statement is true or false