Refer to the figure above. What is the equilibrium price and quantity of the light bulbs?
A) Equilibrium price = $25, Equilibrium quantity = 0 units
B) Equilibrium price = $25, Equilibrium quantity = 15 units
C) Equilibrium price = $15, Equilibrium quantity = 15 units
D) Equilibrium price = $5, Equilibrium quantity = 15 units
C
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When government expenditures are greater than tax revenues
A) there will be budget surplus. B) the public debt will be reduced. C) there will be budget deficit. D) automatic stabilizers do not kick in.
Which of the following is a topic studied in macroeconomics?
A) how the wheat industry determines how much wheat to grow B) the effect on economic growth if the government raises taxes C) the impact of labor unions on wages D) the pricing decisions in the computer hardware industry E) the impact of higher prices for gasoline on the number of SUVs people buy
In the early 1980s, many people found themselves unable to purchase new homes because of:
a. rising prices and interest rates. b. rising prices and falling interest rates. c. new government restrictions on mortgages for first-time buyers. d. increases in income tax rates.
The income approach to calculating GDP:
A. is more accurate than using the expenditure approach. B. is less accurate than using the expenditure approach. C. will generate the same answer as using the expenditure approach. D. is simpler to calculate than the expenditure approach.