Which of the following indicates that there is a shortage in the market?
A) Demand is rising.
B) Demand is falling.
C) Price is rising.
D) Price is falling.
C
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The above table shows a firm's
A) long-run costs. B) short-run costs. C) short-run and long-run costs. D) More information is needed to determine if the costs are long-run costs or short-run costs.
Refer to Figure 5-3. At the competitive market equilibrium, for the last unit produced
A) the size of the external cost is Pn - Po. B) the size of the external cost is Pm - Po. C) the size of the external benefit is Pn - Po. D) the size of the external benefit is Pm - Po.
Government intervention in agricultural markets in the U.S. began in the
A) 1920s. B) 1930s. C) 1950s. D) 1970s.
A monopoly has
a. A perfectly elastic demand curve b. A perfectly elastic supply curve c. An inelastic demand curve d. A more elastic demand curve than a competitive firm