A shortage will occur when
A) the price equals the market clearing level.
B) the price is above the market clearing level.
C) there is an excess quantity supplied.
D) the price is below the market clearing level.
D
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Japanese exports are heavily concentrated in
A) agricultural products such as rice. B) natural resource products such as coal. C) manufactured products including motor vehicles. D) Both A and C.
The U.S. Postal Service is an example of a(n):
a. oligopoly b. perfectly competitive market c. monopoly d. monopolistically competitive market
A new Mexican restaurant opened in the town of Manchester. The residents of the town are
a. happy because of the product-variety externality, while other restaurant owners are unhappy because of the business-stealing externality. b. happy because of the business-stealing externality, while other restaurant owners are unhappy because of the product-variety externality. c. unhappy because of the product-variety externality, while other restaurant owners are happy because of the business-stealing externality. d. unhappy because of the business-stealing externality, while other restaurant owners are happy because of the product-variety externality.
According to the equation of exchange, if M = $400, P = 8, and Y = $200, then V equals
A. 40. B. 32. C. 4. D. 16.