Refer to the following graph. Which of the following statements is true?
a. Equilibrium is shown at point A.
b. When the price is $13.50 a shortage exists.
c. When the price is $11.50 a surplus exists.
d. If the price is currently $11.00 then the price will fall over time.
a. Equilibrium is shown at point A.
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Refer to the following graph. When the price falls from $10 to $8, demand
a. is most elastic if the demand curve is D2.
b. is most elastic if the demand curve is D.
c. is most elastic if the demand curve is D1.
d. is most inelastic if the demand curve is D.
In economics, we assume a rational person will choose to do an activity:
A. if the opportunity costs outweigh the benefits of doing so. B. if the sunk costs outweigh the benefits of doing so. C. if the sunk and opportunity costs combined outweigh the benefits of doing so. D. if the opportunity costs do not outweigh the benefits of doing so.
The account that tracks the flow of assets like bank deposits, stocks, and bonds is the ________ account.
A. reserve B. current C. financial D. capital
A movement along a consumption function is caused by:
A. a change in households' real assets. B. a change in interest rates. C. changes in households' disposable incomes. D. expectations of price changes.