According to the above table, at a price of $2 per unit, which of the following would exist?
A) a shortage of 800 units
B) a surplus of 800 units
C) a shortage of 200 units
D) a shortage of 400 units
D
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One of the most obvious clues to the relative scarcity of a product is
A) the limited selection of colors. B) the quality of the product. C) the variations in available sizes. D) its current market price.
Which of the following four-firm concentration ratios would be the best indication of a perfectly competitive industry?
A) 2 percent B) 31 percent C) 78 percent D) 100 percent E) 50 percent
A worker that quits her job
A) is always counted among the unemployed. B) is never counted among the unemployed. C) will be counted among the structurally unemployed. D) may or may not be counted among the unemployed.
The benefits of social regulation usually are
A) small. B) obvious to people while the costs are hidden. C) less than the costs of social regulation, reducing overall welfare. D) difficult to measure.