Refer to the below data. In a competitive market for this agricultural product, the equilibrium price and output level will be:
A. $6 and 180 bushels
B. $7 and 220 bushels
C. $8 and 260 bushels
D. $8 and 160 bushels
B. $7 and 220 bushels
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A political candidate promises voters more funding for AIDS research and child care and assures them they will not have to sacrifice any other goods or services to obtain the additional programs.
A. This may be possible if the economy has unemployed resources. B. This is possible only in a fully employed economy. C. This is possible if the economy is producing on its production possibilities curve. D. None of the choices are possible.
The price elasticity of demand for any good must be less than or equal to zero unless
a. the good is a necessity. b. the good is a luxury. c. the good is a Giffen good.
A monopsonist can pick the ____, while a monopolist can pick ____
a. the price it will charge; the wage it will pay b. the wage it will pay; the price it will charge c. the market price for its output; the quantity it will produce d. marginal product of labor; the marginal cost of labor e. number of competitors; the number of buyers
Which of the following forms of money will earn at least some interest income?
a. Gold coins b. Currency notes c. Traveler's checks d. Checkable deposits e. Gift checks