Refer to the table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5), equilibrium price and quantity will be:
A. $10 and 60 units.
B. $9 and 50 units.
C. $8 and 60 units.
D. $7 and 50 units.
C. $8 and 60 units.
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If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________ and the price received by Brazilian producers of ethanol ________
A) does not change; does not change B) rises; rises C) rises; falls D) falls; falls E) falls; rises
Macroeconomics first developed as a new subfield of economics:
A. in response to the severe economic hardships of the Great Depression. B. as a result of Adam Smith's publication of The Wealth of Nations in 1776. C. when Adolph Hitler ordered economists to learn more about national economies. D. following the oil price increases of the 1970s.
Economics is sometimes called the study of choice. This means we all make choices because of ______.
a. income b. opportunities c. scarcity d. surplus
A consumer has been buying 3 magazines and 1 book each month. The price of magazines then decreases, which directly causes the marginal utility per dollar spent on
A) magazines to increase, thereby inducing the consumer to purchase fewer magazines and more books. B) magazines to increase, thereby inducing the consumer to purchase more magazines and fewer books. C) books to increase, thereby inducing the consumer to purchase fewer magazines and more books. D) books to decrease, thereby inducing the consumer to purchase fewer magazines and more books.