What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
A) P = $10; Q = 25 thousand
B) P = $35; Q = 20 thousand
C) P = $20; Q = 20 thousand
D) P = $5; Q = 30 thousand
Answer: A) P = $10; Q = 25 thousand
You might also like to view...
Suppose the demand for hamburgers increases. In the short run, firms that produce hamburgers will experience a rise in prices, which will induce them to
A) increase production and decrease the number of workers. B) decrease production and increase the number of workers. C) decrease production and decrease the number of workers. D) increase production and increase the number of workers.
Which of the following measures is used by the Justice Department to evaluate the competitive effects of proposed mergers?
A) The Lerner Index. B) The eight-firm concentration ratio for an industry. C) The four-firm concentration ratio for an industry. D) The Herfindahl-Hirschman Index.
If the bidders at an oral auction have true values of $78, $72, $66, and $65, the item will sell for
a. $78 b. just under $78 c. $72 d. just over $72
Refer to Figure 3. Ben has a comparative advantage in
a. cones and Jerry has a comparative advantage in ice cream.
b. ice cream and Jerry has a comparative advantage in cones.
c. neither good and Jerry has a comparative advantage in both goods.
d. both goods and Jerry has a comparative advantage in neither good.