Market equilibrium is the point where quantity supplied and ________ are reasonably in balance.
A. market price
B. quantity sold
C. equilibrium supply
D. quantity demanded
Answer: D
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Explain the differences between a market system, a command economy, and a mixed economy with respect to production and distribution decisions
What will be an ideal response?
(Last Word) In a cap-and-trade program:
A. government fixes the price of pollution rights and firms choose how many permits to purchase. B. government fixes the maximum amount of a pollutant that firms can discharge and issues permits that firms can buy from and sell to each other. C. each firm is provided a fixed number of permits for a particular pollutant and no individual firm is allowed to acquire additional permits. D. firms can emit whatever type of pollutant they want, so long as the total tonnage does not exceed a government-established quantity.
Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion. GDP in year 2 is:
A. $180 billion. B. $190 billion. C. $200 billion. D. $210 billion.
The factor accounting for the largest increase in the productivity of labor in the United States has been:
A. The education and training of workers B. Improved resource allocation C. The quantity of capital D. Technological advance