When the price of gasoline is such that the quantity of gasoline demanded just equals the quantity of gasoline supplied, we say that the market is
a. in equilibrium
b. in distress
c. in disequilibrium
d. in need of change
e. in dire straits
A
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One of the virtues of rising resource prices is they encourage innovation, especially the discovery of other more abundant resources.
Answer the following statement true (T) or false (F)
If 1 euro is priced at $1.25 and if 1 euro will also buy 88 Japanese yen($1 = ¥88), in equilibrium, with no arbitrage opportunities, how much is the cross rate between the yen and the dollar (yen-dollar rate)?
a. ¥150/$ b. ¥70.4/$ c. ¥20/$ d. ¥5/$
The downward-sloping demand curve of a monopolistic competitor:
A. Reflects some level of control over its own price B. Becomes eventually horizontal in the long run C. Indicates collusion among the members of the product group D. Ensures that the firm will produce at minimum average cost in the long run
What is a "cost-of-living" adjustment?
What will be an ideal response?