When are demanders satisfied and suppliers unsatisfied?
a. Never-neither suppliers nor demanders are ever completely happy with the market price.
b. Whenever the market price is above its equilibrium level.
c. When the market price is relatively low, because then demanders can buy all they want but suppliers cannot make a profit.
d. When rises in supply cause a fall in the equilibrium price of the good.
b. Whenever the market price is above its equilibrium level.
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Refer to the table below. If Gorgeous Sands Resort produces the profit-maximizing number of resorts and charges the profit-maximizing price, what is their profit during the peak-period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $187,500
B) $500,000
C) $300,000
D) $457,500
According to evidence from around the world, the real losers in globalization of the world economy are:
a. non-government organizations. b. environmental activists. c. skilled laborers in the globalizing nations. d. countries that have not participated in the globalization process. e. the poorest people in the globalized developing countries.
Government provide public goods such as national defence because:
a) governments are more efficient than private firms at producing public goods b) people do not value national defence very highly c) of the potential that private firms will make excess profit d) of the free-rider problem which results in underproduction by private firms
Potential output depends on all of the following except one. Which is the exception?
Fill in the blank(s) with the appropriate word(s).