Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $30:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. there will be an excess demand of 95 units.
B. there will be an excess demand of 45 units.
C. there will be an excess supply of 45 units.
D. the market will be in equilibrium.
Answer: B
You might also like to view...
A real interest rate that causes the quantity of saving supplied to be equal to the quantity of saving (or investment) demanded is an example of the:
A. principle of comparative advantage. B. equilibrium principle. C. principle of increasing opportunity cost. D. scarcity principle.
Which of the following collective consumption goods does not become a private consumption good at some level of use?
a. highway b. swimming pool c. national defense d. television
Exit from a perfectly competitive industry causes the market supply curve to shift to the left, resulting in a lower quantity of output and a higher price
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. Opportunity costs equal explicit minus implicit costs. b. Economists consider opportunity costs to be included in a firm's total revenues. c. Economists consider opportunity costs to be included in a firm's costs of production. d. All of the above are correct.