The above table gives the demand and supply schedules for Blu-ray discs. Based on the table, the equilibrium quantity and price of a Blu-ray discs is
A) 28,000 and $12.
B) 20,000 and $20.
C) 16,000 and $24.
D) 16,000 and $16.
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
What is true of depletable resources is that
A. increasing scarcity leads to their total disappearance. B. they are depleted by gradually using up the supply of homogeneous resources, every unit of which is equally available. C. generally the most accessible and cheapest sources are used up so that new supplies become more costly. D. their prices must rise at the average rate of inflation.
That an increasing number of jobs that do not pay enough to subsist on is ____ theory of poverty.
A. a conservative B. a liberal C. both a liberal and a conservative D. neither a liberal nor a conservative
In order to be effective, a price ceiling
A. must be set below equilibrium price. B. must be set above equilibrium price. C. must be set at equilibrium price. D. must be a negative price level.