Figure 3-9
Given the demand (D) and supply (S) for gasoline in , if the price of gasoline were $1 per gallon,
a.
consumers would wish to purchase more than was being supplied.
b.
producers would be supplying more than consumers wished to purchase.
c.
the quantity consumers wished to purchase would equal the quantity that producers wished to supply.
d.
there would be a tendency for the price of gasoline to fall.
a
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Soo Jin shares a one-bedroom apartment with her classmate. Her share of the rent is $700 per month. She is considering moving to a studio apartment which she will not have to share with anyone. The studio apartment rents for $950 per month
Recently, you ran into Soo Jin on campus and she tells you that she has moved into the studio apartment. Soo Jin is as rational as any other person. As an economics student, you rightly conclude that A) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $250. B) Soo Jin did not have a choice; her roommate was a slob. C) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $950. D) the cost of having one's own space outweighs the benefits.
Which of the following would be classified as an innovation?
a. Edwin H. Land perfects the single-step photographic process in 1947. b. Polaroid markets the single-step film in 1948. c. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879. d. In 1803, Robert Fulton constructs his first small steamboat in Paris.
What are the factors that will determine the size of some future required tax increase to pay off all debt?
What will be an ideal response?
One of the fundamental problems a cartel faces is
A. to determine how much each producer will lower its profit. B. to determine how much each producer will increase its output. C. to determine how much each producer will decrease its output. D. to determine how much each producer will lower it price.