Equilibrium price is _____ and equilibrium quantity is _____ units.
A. $8; 9
B. $7; 10
C. $6; 10
D. $5; 9
B. $7; 10
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What happens to the Phillips curve when the expected rate of inflation rises?
A) The curve shifts to the left. B) The curve becomes horizontal. C) The Phillips curve is unaffected. D) The curve shifts to the right.
Excess demand for a specific foreign currency, such as the pound, implies a
A. Capital account surplus for the United States. B. Capital account deficit for the United States. C. Balance-of-payments surplus for the United States. D. Balance-of-payments deficit for the United States.
The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of demand for pencils by the initial value method is 2, and you would like to increase the quantity sold to 1200. Then the new price for pencils must be:
A. $0.05. B. $0.25. C. $0.30. D. $0.45.
Figure 9.5 represents the market for used cars. Suppose buyers are willing to pay $5,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 80% of used cars in the market are lemons (low quality), what percent of used cars sold will actually be plums?
A. 20% B. 25% C. 33.33% D. 75%