Equilibrium price is _____ and equilibrium quantity is _____ units.
A. $4; 4
B. $6; 10
C. $8; 16
D. $8; 10
B. $6; 10
You might also like to view...
Refer to Figure 7-2. Without the tariff in place, the United States produces
A) 12 million pounds of coffee. B) 26 million pounds of coffee. C) 33 million pounds of coffee. D) 45 million pounds of coffee.
The concentration and Herfindahl indices computed by the U.S. Bureau of Census must be interpreted with caution because:
A. Both they overstate the actual level of concentration in markets served by foreign firms and they understate the degree of concentration in local markets, such the gasoline market are correct. B. they understate the degree of concentration in local markets, such the gasoline market. C. they overstate the actual level of concentration in markets served by foreign firms. D. None of the statements are correct.
When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A. cost disadvantage. B. regional advantage. C. comparative advantage. D. absolute advantage.
Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. One can conclude that
A) the law of supply has been violated. B) the number of lawn care service companies has increased. C) the demand for lawn care service has decreased. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns.