A market for a product is in equilibrium when:
a. Quantity supplied equals quantity demanded
b. Quantity demanded is greater than quantity supplied
c. The supply curve remains fixed
d. Product price equals demand
a. Quantity supplied equals quantity demanded
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For federally chartered banks, the "primary" federal regulator is the
A) Federal Reserve. B) FDIC. C) House Banking Committee. D) Comptroller of the Currency.
Price ceilings
A) cause quantity to be higher than in the market equilibrium. B) always increase consumer surplus. C) may decrease consumer surplus if demand is sufficiently elastic. D) may decrease consumer surplus if demand is sufficiently inelastic. E) always decrease consumer surplus.
Who said "The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of socialism is the equal sharing of miseries"?
In the short run, the firm should shut down when:
A. price is equal to the average total cost of production. B. price is less than the minimum of the average variable cost of production. C. price is equal to the minimum of the marginal cost of production. D. price is equal to the minimum of the average total cost of production.