If the demand for letters written by Abraham Lincoln is higher than the demand for letters written by John Wilkes Booth, what would have to be true for the market equilibrium prices for these letters to be equal?
A) The supply of Lincoln letters would have to be less than the supply of Booth letters.
B) The supply of Lincoln letters and the supply of Booth letters would have to be equal.
C) If the demand for Lincoln letters is greater than the demand for Booth letters, the market equilibrium price for Lincoln letters will always be greater than the market equilibrium price for Booth letters.
D) The supply of Booth letters would have to be less than the supply of Lincoln letters.
D
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If the demand for opera singers increases faster than the supply, wages will rise
a. True b. False Indicate whether the statement is true or false
In the loanable funds market,
A. The price is the interest rate. B. The supply curve reflects the behavior of borrowers. C. If interest rates rise, firms borrow more. D. The demand curve reflects the behavior of lenders.
Regarding unemployment, the classical model implies that
A. unemployment always exists. B. voluntary unemployment is zero, but involuntary unemployment often is fairly high. C. unemployment cannot exist. D. only voluntary unemployment exists.
Suppose that in the beginning of 2016 the federal debt was $11 trillion and at the end of 2016, the federal debt was $11 trillion. During 2016
A. the government balanced its budget. B. the budget surplus was zero. C. the budget deficit was zero. D. all of the above