If the equilibrium price of an hour with a personal trainer is $45 and the market price is currently $55, then there is
A. a surplus of personal trainers.
B. a shortage of personal trainers.
C. equilibrium.
A. a surplus of personal trainers.
You might also like to view...
Suppose a competitive market with adverse selection has settled into a pooling equilibrium where everyone is offered the same price. If firms then screen consumers, the outcome may and may not be more efficient.
Answer the following statement true (T) or false (F)
Refer to Table 19-19. Given the information above, calculate the GDP deflator in 2015
A) 87 B) 95 C) 105 D) 114
It has been said that many of the patrons in McDonald's restaurants in foreign locations are American tourists. A likely reason why many Americans dine at McDonald's while vacationing abroad is
a. they can't get enough McDonald's food when they are at home. b. they know and trust the quality associated with the McDonald's brand name. c. the food at local restaurants is of inferior quality. d. that Americans, by their nature, are not very adventurous.
Suppose that the United States allowed its domestic fuel producers to use ethanol made from any source (corn or sugar). What is likely to happen to U.S. production of corn ethanol and U.S. imports of sugar ethanol?
a. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would decrease. b. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would decrease. c. U.S. production of corn ethanol would decrease, and U.S. imports of sugar ethanol would increase. d. U.S. production of corn ethanol would increase, and U.S. imports of sugar ethanol would increase.