Which of the following statements is true of the equilibrium price of a good?
a. The equilibrium price of a good is the price where the quantity demanded of the good is equal to the supply of the good.
b. The equilibrium price of a good is the price where the quantity demanded of the good is equal to the quantity supplied of the good.
c. The equilibrium price of a good is the price where the demand for the good is equal to the supply of the good.
d. The equilibrium price of a good is the price where the demand for the good is equal to the quantity supplied of the good.
b
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What rule(s) should a firm follow in deciding optimum output for profit maximization?
What will be an ideal response?
Setting time limits on welfare eligibility will increase the incentive to work.
Answer the following statement true (T) or false (F)
At all levels of production higher than the point where the marginal cost curve crosses the average variable cost curve, average variable cost
a. rises. b. remains unaffected. c. falls. d. All of the above are possible depending on the shape of the marginal cost curve.
When did union membership show its biggest increase?
A. 1925-1935 B. 1935-1945 C. 1945-1955 D. 1955-1965