The above table gives the market demand and market supply schedules for soda. There are no external benefits or external costs. What is the efficient quantity of soda?
A) 1400
B) 1000
C) 600
D) It is impossible to determine the efficient quantity without more information.
C
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Milton Friedman's theory of the demand for money
A) is similar to Tobin's portfolio approach to the demand for money. B) includes permanent income as one of the significant variables. C) includes the yields on competing nonmonetary assets. D) All of the above.
When the government provides a legal framework,
A. Private market transactions suffer and government market transactions benefit. B. Private market transactions benefit and government market transactions benefit. C. Private market transactions suffer and government market transactions suffer. D. None of the choices are correct.
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and knows that the price is $100. Suppose that there is a search cost of $5 for each search. Should she search one more time?
A. She should toss a coin. B. Yes C. No D. Insufficient information to determine.
If average cost is falling, marginal cost must also be falling.
Answer the following statement true (T) or false (F)