Another term for the equilibrium price is
A. black market.
B. ceteris paribus.
C. market clearing price.
D. law of demand.
Answer: C
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Keynes believed the government should
a. control wages and prices to ensure full employment. b. ensure that workers earned high wages and full employment. c. ensure that aggregate demand was high enough to ensure full employment. d. ensure aggregate demand was high enough to control the economy.
If free entry and exit were not possible,
A. in the long run firms would break even. B. in the long run firms would lose money. C. in the long run firms would make money. D. It is impossible to tell what would happen without more cost and revenue information.
The value of the next-best choice not chosen is called opportunity cost.
a. true b. false
Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 4, output per capital is equal to
A. 0.35. B. 1.77. C. 2.88. D. 4.6.