If market price is equal to equilibrium price
A. there is a surplus.
B. there is a shortage.
C. there is neither a surplus nor a shortage.
C. there is neither a surplus nor a shortage.
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Refer to Table 4-8. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 40,000 units of labor. B) surplus of 20,000 units of labor. C) surplus of 40,000 units of labor. D) shortage of 20,000 units of labor.
Profit is the difference between
A) total revenue and total explicit cost. B) total revenue and total cost. C) total revenue and variable cost. D) marginal revenue and marginal cost.
The national debt as a percentage of GDP has remained roughly constant since the end of World War II
a. True b. False Indicate whether the statement is true or false
Elsie owns a dairy farm and Elmer is a baker. If Elsie trades butter and milk for some of Elmer's pies than: a. Elsie is the only one that gains from the trade
b. Elmer is the only one that gains from the trade. c. Elsie and Elmer are both made better off by the trade. d. Both Elmer and Elsie are made worse off by the trade.