Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess demand of 1,000 cheeseburgers at a price of
A. $5.
B. $6.
C. $8.
D. $9.
Answer: A
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In the case study discussed in the chapter, the electronics firm was actually enhancing its profits by selling calculators at a price that was below average cost.
Answer the following statement true (T) or false (F)
Which of the following explains why economists may disagree over positive issues?
a. They have different beliefs and values. b. They examine the same data to draw their conclusions. c. They need to disagree in order to publish their research findings. d. They often employ different models and statistical techniques when examining data. e. Some work only on microeconomic issues, while others focus exclusively on macroeconomic issues.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
A decrease in the interest rate will cause the intertemporal budget constraint to _______________ through the endowment point.
A. pivot clockwise B. pivot counter-clockwise C. shift clockwise D. shift counter-clockwise