Refer to the above table. The market quantity supplied when the price is $5 is
A. 5.
B. 11.
C. 20.
D. 0.
Answer: B
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This agency is responsible for regulating the quality and safety of foods, health and medical products, pharmaceuticals, cosmetics, and animal feed
A) Environmental Protection Agency B) Food and Drug Administration C) Equal Employment Opportunity Commission D) Federal Trade Commission
The argument that suggests that regulators balance the interests of firms, consumers, and legislators is called
A) the capture hypothesis. B) the creative response theory. C) the share-the-gains, share-the-pains theory. D) the theory of optimal regulation.
An outward shift in the labor demand curve implies that
A. employers are now looking to hire fewer workers regardless of the wage. B. employers are now looking to hire fewer workers if the wage decreases. C. a greater number of workers are now more willing to work at any given wage. D. employers are now looking to hire more workers at any given wage. E. demand for the firm's output likely fell.
The demand for microwaves in a certain country is given by: D = 8,000 -30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. Suppose the economy is closed. The equilibrium price of a microwave is ________ and equilibrium quantity is ________.
A. $100; 5,000 B. $125; 4,000 C. $75; 6,000 D. $50; 8,000