Market price of any good will adjust to bring the quantity supplied and the quantity demanded into balance
What will be an ideal response?
law of supply and demand
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Refer to Figure 13-4. Given the economy is at point A in year 1, what is the difference between the actual growth rate in GDP in year 2 and the potential growth rate in GDP in year 2?
A) 0.3% B) 1.1% C) 2.7% D) 3.7%
At a Nash equilibrium, each player in a game is said to be doing as well as he can given the actions of his competitor
a. True b. False Indicate whether the statement is true or false
A firm's ability to successfully practice price discrimination is greater
a. the more difficult it is to identify a customer's willingness to pay b. the more standardized the product offered by the firm c. the more difficult it is to transfer its product from person to person d. the more active the resale market is for their product e. in goods-producing markets than in service-producing markets
Refer to the above table. If the firm can sell 24 units of output at a price of $1.00 and 42 units of output at a price of $0.80, the marginal revenue product of the second unit of the resource is:
A. $5.40
B. $7.80
C. $9.60
D. $12.20