Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium price is:
A. $60.
B. $50.
C. $40.
D. $35.
Answer: B
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Answer the next question using the following budget information for a hypothetical economy. All data are in billions of dollars. Also assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$800$825$4,000Year 28508504,200Year 39008754,350Year 49509004,500Year 51,0009254,600Assume that year 1 is the first year for this economy and year 3 is the current year. What is the public debt in this economy at year 3?
A. $75 billion B. $50 billion C. $25 billion D. $0 billion
Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
When economists refer to the "brain drain" in developing countries what do they mean?
What will be an ideal response?
Refer to the following graph. The long run equilibrium price would most likely be
a. $1.80.
b. $1.60.
c. $1.20.
d. $0.60.