In a market, at the equilibrium price
A) neither buyers nor sellers can do business at a better price.
B) buyers are willing to pay a higher price, but sellers do not ask for a higher price.
C) buyers are paying the minimum price they are willing to pay for any amount of output and sellers are charging the maximum price they are willing to charge for any amount of production.
D) None of the above is true.
A
You might also like to view...
Most agree that ______________ is the degree to which the overall quality of one's life is judged as favorable. The General Social Surveys (GSS) of the United States asks questions about this
a. Happiness b. Fortitude c. Effectiveness d. Decision making
A hamburger costs $1.79 in New York and €2.54 in Paris. If the exchange rate is $0.93 per euro, what price difference exists in terms of the European currency?
a. The hamburger sells for €0.13 less in New York. b. The hamburger sells for €0.13 more in New York. c. The hamburger sells for €0.62 less in Paris. d. The hamburger sells for €0.62 more in Paris. e. The hamburger sells for the same price in both cities.
The demand for lobster is lower in the spring than in the summer. If the price of lobster is higher in spring than in summer then
a) consumers' tastes for lobster are greater in spring than in summer b) the supply of lobster is greater in summer than in spring. c) there are more substitutes for lobster in summer than there are in spring d) there is a shortage of lobster in spring and a surplus of lobster in summer
What is government failure, and how would it be demonstrated on a production possibilities curve?
What will be an ideal response?