At equilibrium
A. quantity supplied is equal to quantity demanded.
B. quantity demanded is greater than quantity supplied.
C. quantity supplied is greater than quantity demanded.
A. quantity supplied is equal to quantity demanded.
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The graph shows the labor market for teenagers in Atlanta. If the government sets a minimum wage of $6 an hour, the number of teenagers employed is ________
A) 7,000 B) 5,000 C) 4,000 D) 3,000 E) less than 3,000
Dale just won tickets to see a NASCAR race. His coworker offers to pay him $200 for them, but Dale decides to use them, even though he would not pay $200 for them himself. Dale's willingness to consume $200 worth of tickets that he doesn't value at $200 is attributed to:
A. the explicit cost of ownership. B. the high fungibility of money. C. his refusal to ignore the sunk cost of the tickets. D. None of these is correct.
Claude's Copper Clappers sells clappers for $40 each in a perfectly competitive market. At its present rate of output, Claude's marginal cost is $39, average variable cost is $25, and average total cost is $45 . To improve his profit/loss situation, Claude should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price
Conscious manipulation of the interest rate causes it to become a less effective tool in allocating resources among time periods.
Answer the following statement true (T) or false (F)