Refer to Figure 3-4. If the price is $20,
A) there is a surplus of 600 units. B) quantity demanded is zero.
C) there is a shortage of 600 units. D) the market is in equilibrium.
D
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The horizontal axis of a graph that shows a market demand curve indicates the
A. quantities that consumers are willing and able to buy at various prices. B. different prices at which a product can be purchased. C. number of consumers who are in the market for a product. D. various quantities of a product at which the market will be cleared.
A game in which each player has a dominant strategy of defecting, and each ends up worse off than if they had both cooperated, is called a ________ game
Fill in the blank(s) with correct word
Tim shifted to a new house closer to his office with his family after receiving a favorable salary review from his employer. Here, the new house can be considered as a normal good
Indicate whether the statement is true or false
A federal law is enacted that mainly benefits one political district, but the costs of this legislation will be spread over the entire country. Which of the following terms describes this situation?
a. Logrolling b. Rational ignorance c. Pork-barrel spending d. Political correctness