Supply curves
A) slope upward.
B) slope downward.
C) are horizontal.
D) can have many shapes.
D
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Refer to Table 3-5. The table contains information about the corn market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of corn? b. Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $9 per bushel? e. If the market price is $9 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 24,000 bushels of corn? g. Suppose the market price is $21 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $21 per bushel? j. If the market price is $21 per bushel, what must happen to restore equilibrium in the market?
Suppose when a market has four firms, average economic profit is $1,000 per month. When the market has five firms, the average economic profit is -$50 per month. This suggests that
A) the long-run equilibrium number of firms is between four and five. B) the long-run equilibrium number of firms is four. C) the long-run equilibrium number of firms is five. D) there is no long-run equilibrium in this market as profits can never be zero.
A Gini coefficient of one indicates
a. the richest 10 percent of the people control 90 percent of the economy's income b. the poorest 10 percent of the people control 1 percent of the economy's income c. 50 percent of the people control 50 percent of the income d. perfect income equality e. perfect income inequality
The U.S. spends _____ percent of our GDP on health care, while Canada spends ______ percent of their GDP on health care.
Fill in the blank(s) with the appropriate word(s).