In the above figure, a price of $35 per dozen would result in
A) a shortage.
B) equilibrium.
C) a surplus.
D) upward pressure on prices.
C
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In the market for a particular pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each has to pay for a pair of shoes is $65. What is the combined amount of consumer surplus for Jena and Jane?
A. $215. B. $130. C. $10. D. $30.
The unemployment rate equals the number of
A) unemployed workers multiplied by 100. B) unemployed workers divided by the population then multiplied by 100. C) unemployed workers divided by the number of employed workers then multiplied by 100. D) unemployed workers divided by the labor force then multiplied by 100.
The early goldsmiths issued money in the form of
a. coins made from gold in their safes. b. receipts for the acceptance of gold deposits. c. gold fragments left over from the production of jewelry. d. fully backed gold certificates.
A competitive firm
a. and a monopolist are price takers. b. and a monopolist are price makers. c. is a price taker, whereas a monopolist is a price maker. d. is a price maker, whereas a monopolist is a price taker.