Refer to Figure 3-4. If the current market price is $10, the market will achieve equilibrium by
A) a price decrease, decreasing the supply and increasing the demand.
B) a price increase, increasing the quantity supplied and decreasing the quantity demanded.
C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
D) a price increase, increasing the supply and decreasing the demand.
B
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Answer the following statement true (T) or false (F)
Refer to Table 2-8. What is Betty's opportunity cost of making a statue?
A) 2 benches B) 1.4 statues C) 1/2 of a bench D) 1/3 of a bench
Microeconomics is the study of
A) aggregate measures of the economy. B) foreign policy economic issues. C) federal budget details. D) individual decision making.
The Sugar Act (1764):
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