Market equilibrium occurs when
A. the quantity demanded equals the quantity supplied.
B. the market is changing rapidly.
C. other things remain the same.
D. buyers get the lowest possible price.
E. everyone who wants the good gets the quantity he or she wants.
A. the quantity demanded equals the quantity supplied.
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If instead the government set the abatement standard at 50 million tons per year, would that standard be too lenient or too restrictive at the national level? Support your answer with specific values.
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
An appreciation of one's currency means that:
a. the country's exports will become less expensive. b. the country's imports will become more expensive. c. the country's imports will become less expensive. d. it now requires more of this currency in exchange for one unit of another currency. e. it now requires less units of other currencies in exchange for one unit of this currency.
Voluntary trade restrictions by foreign countries on their exports to the United States raise the price domestic consumers pay and also raise the price foreign consumers pay.
a. true b. false
________: the absence of direct or indirect government intervention to alter market prices and quantities
Fill in the blank(s) with correct word