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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The equity premium is the return
A) investors expect to equal a risk free investment. B) covered by stockholder insurance. C) on bonds. D) investors expect above a risk free investment.
When a monopolist is producing at the profit-maximizing output level, the value to consumers of one additional unit of output will
a. exceed the monopolist's marginal cost. b. equal the monopolist's marginal cost. c. be less than the monopolist's marginal cost. d. exceed the price of the additional unit.
Which of the following is true for the agriculture market?
A. Individual farmers face a vertical demand curve. B. The law of demand does not apply. C. Individual farmers face a horizontal demand curve. D. Farmers have market power.
Diminishing marginal returns to labor means
A) that each additional worker costs more. B) that each additional worker produces less than the previous worker. C) that each additional worker costs less. D) that total product grows at a constant rate when workers are added to production.