Each of these is true at equilibrium EXCEPT that
A. quantity demanded is equal to quantity supplied.
B. the buyers can buy as much as they want at the market price.
C. the sellers can sell as much as they want at the market price.
D. All of these statements are true at equilibrium.
D. All of these statements are true at equilibrium.
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For a normal good, the income elasticity of demand is:
A) positive or negative depending on the share of income accounted for by the good. B) always equal to 1. C) positive if income increases and negative when income declines. D) always positive.
According to the Taylor rule, if the inflation rate in the last year was 2% and output was equal to its full-employment level, the nominal Fed funds rate should be
A) 3%. B) 4%. C) 5%. D) 6%.
If an individual is taxed at a 17 percent rate for each extra dollar earned, the reference is to the
A. Average tax rate. B. Effective tax rate. C. Nominal tax rate. D. Marginal tax rate.
A little more than half of state and local expenditures are applied to ______.
a. defense b. education and healthcare c. police and fire protection d. roads