Answer the next question based on the given supply and demand data for wheat.Bushels Demanded Per monthPrice per BushelBushels Supplied Per Month45$57750473563686126167157If the price in this market was $4
A. the market would clear; quantity demanded would equal quantity supplied.
B. there would be a shortage of wheat.
C. buyers would want to purchase more wheat than is currently being supplied.
D. farmers would not be able to sell all their wheat.
Answer: D
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The term "depository institution" refers to
A) savings and loan associations only. B) commercial banks, credit unions, and savings and loan associations. C) credit unions only. D) commercial banks only.
If adopted by a firm, a labor-saving piece of technology is one that would:
A. increase labor demand. B. increase labor supply. C. decrease labor demand. D. decrease labor supply.
Perfect price discrimination:
A. minimizes producer surplus. B. maximizes consumer surplus. C. requires each customer to pay exactly his or her willingness to pay. D. is not efficient.
If firms offer an efficiency wage:
a. the quantity of labor supplied will exceed the quantity of labor demanded.
b. the quantity of labor demanded will exceed the quantity of labor supplied.
c. the quantity of labor supplied will equal the quantity of labor demanded.
d. absenteeism is expected to increase.