Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an:
A. excess demand of 8 t-shirts.
B. excess supply of 8 t-shirts.
C. excess demand of 10 t-shirts.
D. excess supply of 10 t-shirts.
Answer: A
You might also like to view...
Answer the following statement(s) true (T) or false (F)
1. A disadvantage of the survey approach is that polluting sources might not be sufficiently well informed to provide good estimates. 2. According to available U.S. data, spending on pollution abatement and control has grown fairly steadily over time. 3. Expenditures on research and development represent the majority of spending on pollution and control in the United States. 4. According to the U.S. data presented in the text, the highest proportion of operating and capital abatement costs is on recycling. 5. Newly proposed controls on GHG emissions from motor vehicles are expected to elevate automobile prices.
Economic profits at the short-run break-even point are
A) positive. B) negative. C) equal to zero. D) indeterminate since they also depend on the size of the fixed costs.
Short-run fluctuation in economic activity
What will be an ideal response?
A statement of assets and liabilities of any business entity is
A. net worth. B. a balance sheet. C. legal reserves. D. a sweep account.