[NeedAttention]
Exhibit 30-4
?
A. A and C; Q2
B. D and B; Q1
C. C and B; Q2
D. A and B; Q2
E. none of the above
Answer: A
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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker decides to only make one transaction what is his profit/bid-ask margin
a. $8 b. $10 c. $12 d. $16
Total revenue is maximized where demand is inelastic
a. True b. False
Refer to Figure 4-20. At a price of $20, which of the following statements is not correct?
a. The market is in equilibrium.
b. Equilibrium price is equal to equilibrium quality
c. There is no pressure for price to change
d. The quality of the good that is bought and sold is 600 units
The principal advantage of pollution permits is their incentive to minimize the cost of pollution control.
Answer the following statement true (T) or false (F)