The entire group of buyers and sellers of a particular good or service makes up:
A. the demand curve.
B. the equilibrium price and quantity.
C. the supply curve.
D. a market.
Answer: D
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Which of the following events will increase the quantity demanded of bottled water?
A) a fall in the price of bottled water B) a rise in the price of bottled water C) a rise in the price of a fitness club membership D) a fall in the price of soda E) an increase in the number of buyers of bottled water
The above figure shows a perfectly competitive firm. If the market price is more than $20 per unit, the firm
A) will definitely shut down to minimize its losses. B) will stay open to produce and will make zero economic profit. C) will stay open to produce and will incur an economic loss. D) will stay open to produce and will make an economic profit. E) might shut down but more information is needed about the fixed cost.
The economic efficiency rule requires production of the quantity of output where:
a. profit is maximized b. marginal social benefit is maximized c. marginal social benefit equals marginal social cost d. the excess of marginal social benefit over marginal social cost is maximized
Even though the difference in labor-force participation rates of U.S. males and females has narrowed, the labor-force participation rate of males remains higher than that of females
a. True b. False Indicate whether the statement is true or false