The following equations represent the demand and supply for bird feeders
QD = 35 - P
QS = -5 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
A) P = $35; Q = 20 thousand B) P = $5; Q = 30 thousand
C) P = $10; Q = 25 thousand D) P = $20; Q = 20 thousand
C
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A) a shift away from market capitalism. B) a shift towards more market capitalism. C) centrally planned socialism. D) following the teachings of Adam Smith.
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A) A. C. Pigou B) John Maynard Keynes C) Adam Smith D) Ronald Coase
During the colonial period, the English permitted both silver and gold to move freely in and out of the colonies
Indicate whether the statement is true or false
Firms would like to know the price elasticity of demand for their products because it helps determine the effect of price changes on the firms':
a. property taxes. b. competitors' profits. c. quantity supplied. d. revenues. e. total costs.