A market is said to be in equilibrium when
A. The supply intentions of all sellers are realized.
B. Demand is fully satisfied at all alternative prices.
C. The quantity demanded equals the quantity supplied.
D. The buying intentions of all consumers are realized.
Answer: C
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The figure above shows the demand curve, marginal revenue curve, and marginal cost curve
The amount of consumer surplus when the market has a monopoly producer is ________ and the amount of consumer surplus when the market is perfectly competitive is ________. A) abf; ace B) abf; bcd C) ace; bcd D) ace; abf E) bcd; ace
The President's statement that "to encourage economic growth, taxes should be cut"
A) would be an example of a normative statement. B) would be an example of a positive statement. C) would be an example of a microeconomic statement. D) would be a statement of mercantilist economic philosophy.
The dictator of Turan has recently begun to arbitrarily seize farms belonging to his political opponents, and he has given the farms to his friends. His friends don't know much about farming. The courts in Turan have ruled that the seizures are illegal, but the dictator has ignored the rulings. Other things equal, we would expect that the growth rate in Turan will
a. fall temporarily, but will return to where it was when the new owners learn how to farm. b. increase because the total amount of human capital in the country will increase as the new owners learn how to farm. c. fall and remain lower for a long time. d. not be affected unless widespread civil disorder or civil war results.
On the graph for a monopolist’s losses, the firm suffers a total loss of ______.
a. $7
b. $100
c. $600
d. $700