Using the above figure, at which price is there neither excess quantity demanded nor excess quantity supplied?
A. P1
B. P2
C. P3
D. none of these
Answer: B
You might also like to view...
Which of the following is an absolute measure of poverty?
a. Gini co-efficient b. Per capita income c. HiLo ratio d. Hoover index e. Theil index
A decrease in the price level causes a lower equilibrium quantity demanded
a. True b. False Indicate whether the statement is true or false
In the open-economy macroeconomic model, if the supply of loanable funds shifts right
a. the interest rate rises and the demand for dollars in the market for foreign currency exchange shifts right. b. the interest rate rises and the demand for dollars in the market for foreign currency exchange shifts left. c. the interest rate falls and the supply of dollars in the market for foreign-currency exchange shifts right. d. the interest rate falls and the supply of dollars in the market for foreign currency exchange shifts left.
According to the text, which of the following does the United States export?
A. Cars, cigarettes, corn, and farm equipment, but not education. B. Cars, cigarettes, corn, farm equipment, and services. C. Lumber but not farm equipment. D. Cars and cigarettes but not corn.