Refer to the table below. If supply decreased by 2 units at each price, what would the new equilibrium price and quantity be?
A. $3 and 5 units
B. $4 and 4 units
C. $5 and 5 units
D. $6 and 6 units
D. $6 and 6 units
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Paulette owns a pizza parlor. Her total cost schedule is in the above table. Her marginal cost of producing the fifth pizza is
A) $8. B) between $8.01 and $10.00. C) between $10.01 and $14.00. D) between $14.01 and $78.00. E) more than $78.01.
Accumulating debt poses a problem for the U.S. federal government because
A) it is currently in danger of defaulting on the debt. B) the debt has to ultimately be paid off. C) building roads and bridges do not yield enough benefits to justify their cost. D) a large debt-to-GDP ratio causes crowding out.
According to Gordon, which of the following is NOT a plausible explanation for a decrease in the measured growth of capital per worker in the United States after 1973?
A) higher inflation causes overtaxation and discourages saving B) increased labor force participation by women C) slower growth in the capital stock D) lower real wages in response to supply shocks in the 1970s
It is sometime useful to view each step in the supply chain as a(n)
A) single market. B) integrated process. C) horizontal process. D) vertical process.