The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 6,500; 3,000
B. 5,000; 5,000
C. 6,000; 4,000
D. 6,500; 4,500
Answer: D
You might also like to view...
Economics employs a scientific methodology. In part, this means that
a. all economic laws have been proven true by laboratory tests b. there is a single economic theory accepted by all economists c. economic hypotheses are tested to determine their validity d. personal values never enter into economic policy recommendations e. assumptions are not necessary in economic science
Money grows faster than real GDP will result ____, while money grows slower than real GDP will result ____.
What will be an ideal response?
Answer the following statement true (T) or false (F)
1) Neoclassical theory suggests that to the extent impulse buying occurs, it is infrequent and does not affect the ability of economic models to predict behavior. 2) Placement of goods in grocery and other retail stores is often done with the objective of encouraging impulse buying. 3) Heuristics generally help people make fewer errors in their decisions. 4) Heuristics generally help people make fewer errors in their decisions.
If the price of gasoline decreases, what will be the impact in the market for public transportation?
A) The demand curve for public transportation shifts to the right. B) The quantity of public transportation demanded increases. C) The demand curve for public transportation shifts to the left. D) The quantity of public transportation demanded decreases.