The equilibrium price of a good in market A is $24. The current price of the good in market A is $21. At this price, a(n) ________________________ of the good exists in market A
A) surplus
B) shortage
C) excess supply
D) excess demand
E) b and d
E
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A network effect arises whenever
A) firms in an oligopolistic industry engage in limit pricing. B) firms in an oligopolistic industry engage in a zero-sum game. C) a consumer's willingness to purchase a good or service is influenced by how many others also buy or have bought the item. D) a producer's willingness to produce a good or service is influenced by how many other firms also produce or have produced the item.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
A gamble in which you win D dollars if the coin comes up heads, but lose D dollars if the coin comes up tails has an expected value of
A. 0. B. -1/2D. C. 1/2D. D. D.
Oil refiners often store some of their spring supply of gasoline because gasoline prices typically ______.
a. decline during the summer b. peak during the summer c. peak during the fall d. decline during the fall