The output level that occurs in any market that is in equilibrium:
a. is the quantity where the supply curve intersects the y-axis.
b. is the quantity where the demand curve intersects the x-axis.
c. is the quantity at an output level where buyers will pay more than suppliers require.
d. is an output level where buyers will not pay as much as suppliers require.
e. is the quantity where the demand and supply curves intersect each other.
e
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In the above figure, a price of $15 per dozen roses would result in a ________ so that the price of roses will ________
A) surplus; rise B) surplus; fall C) shortage; rise D) shortage; fall
The output produced by the single-price, unregulated monopoly in the above figure is
A) efficient because profit is maximized. B) inefficient because less than the efficient quantity is produced. C) efficient because marginal costs equals marginal revenue. D) inefficient because more than the efficient quantity is produced.
The population of individuals at least 16 years of age can be broken into 3 groups. They are
A) the unemployed, discouraged workers, and retirees. B) those employed full-time, those employed only part-time, and the unemployed. C) those working in the for-profit sector, those working in the nonprofit sector, and individuals who are unemployed. D) none of the above.
Based on this graph, which of the following would happen if P1 drops below the line where P is now?
a. The farmer would increase her profit.
b. The farmer would shut down.
c. The farmer would maintain equilibrium.
d. The farmer would hire more employees.