Refer to the accompanying figure. The equilibrium price is ________, and the equilibrium quantity is ________.
A. $4; 6
B. $8; 6
C. $6; 4
D. $2; 8
Answer: C
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As a nation's average education level increases, the nation's level of productivity
A. Decreases, and the nation's production possibilities curve shifts to the left. B. Increases, and the nation moves to a new point on the same production possibilities curve. C. Increases, and the production possibilities curve shifts to the right. D. Decreases, and the nation moves to a new point on the same production possibilities curve.
Which of these is the best explanation of diminishing returns for physical capital?
What will be an ideal response?
Financial markets are regulated by
A) the Securities and Exchange Commission. B) the Stock and Bond Exchange Commission. C) the Security and Protection Commission. D) the Stock and Exchange Commission.
Assume that the tuna fishing industry is perfectly competitive. Which of the following best characterizes the industry if, as demand for tuna increases, fishing boats have to go farther into the ocean to harvest tuna?
A) a constant-cost industry B) an increasing-cost industry C) a decreasing-cost industry D) a fixed-cost industry