Exhibit 3-8 Demand and Supply Data for Video Games
?
Price
Quantity Demanded
of Video Games
Quantity Supplied
of Video Games
$75
400
900
70
450
850
65
500
800
60
550
750
55
600
700
50
650
650
45
700
600
40
750
550
?
In Exhibit 3-8, if there is a surplus of video games of 200 units, the current price of video games must be:
A. $60.
B. $50.
C. $45.
D. $40.
Answer: A
You might also like to view...
In the United States the real wages of the least-skilled, least educated workers have ________ and the wages of best-educated, highest skilled workers have ________.
A. increased; increased B. declined; remained constant C. increased; declined D. declined; increased
Since 2002, the Fed has set the primary discount rate above the IOER rate. Why is this likely to prevent the spikes in the market federal funds similar to the ones that occurred in previous years?
What will be an ideal response?
Producers are willing to offer greater quantities for sale at higher prices because
What will be an ideal response?
Using a broad definition, a firm would have a monopoly if
A) it produced a product that has no close substitutes. B) it does not have to collude with any other producer to earn an economic profit. C) there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run. D) it can make decisions regarding price and output without violating antitrust laws.