The domestic demand and supply for sugar are Qd = 700 ? 2P and QSD = 100 + 4P. The foreign supply is QSF = 150 + 3P. What is the domestic market price of sugar?
A. 110
B. 100
C. 150
D. 90
Answer: D
You might also like to view...
Consider the perfectly competitive firm in the figure above. At the profit maximizing level of output, the firm will
A) make an economic profit equal to the area ABCD. B) incur an economic loss equal to the area ABCD. C) make zero economic profit. D) make an economic profit equal to the area AECD.
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.
A right-to-work law makes it illegal for
A) employers to refuse to hire union workers. B) union membership to be a requirement for continued employment in any establishment. C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
Monetarists
A. argue for the use of discretionary monetary policy. B. contend that government policies have reduced the stability of the economy. C. believe a capitalistic economy is inherently unstable. D. believe the markets in a capitalistic economy are largely noncompetitive.