Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses ________ at a price of $60 and a quantity of 450 sunglasses.
A. has a shortage
B. has a surplus
C. is in equilibrium
D. cannot remain in business
Answer: C
You might also like to view...
If the price level falls, what will happen to the aggregate supply curve?
A. It will shift outward. B. It will shift inward. C. Nothing. D. It will get steeper. E. It will get flatter.
If ________ enters into an exchange with another party who has ________ information, there is asymmetric information and adverse selection.
A. only a seller, but not a buyer; more B. only a buyer, but not a seller; more C. a buyer or seller; an equal amount of D. a buyer or seller; more
If the entrepreneur is also the manager of the firm, we would expect
A) the manager to work hard because he or she is also the residual claimant. B) the manager to not work hard since there is no possibility of further advancement. C) the firm to operate poorly because the specialization of labor is not adequate. D) the firm to operate poorly because the entrepreneur is not as good at managing workers as a professional manager would be.
The aggregate production function is the relationship between the
a. total cost of labor and the quantity of output in the economy b. total cost of labor and the total real cost of inputs c. quantity of labor employed in the economy and the total quantity of output produced d. cost of labor and the supply of labor e. quantity of labor and the quantity of capital