Use the supply and demand curves depicted in following graph for a competitive market to answer the question below.
If the government imposed a price ceiling of $15, then buyers will be intending to buy ________, but they will be able to legally buy ________.
A. 24 units, more than 24 units
B. 30 units, 24 units
C. 36 units, 24 units
D. 36 units, 30 units
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company's hourly output varies with the number of workers hired, as shown in the table. WorkersPages/hour0014027531054125514061507155 If each page sells for $2 and the market wage is $15 per hour, then this firm will hire ________ workers per hour.
A. 4 B. 6 C. 5 D. 7
When DVD players start becoming obsolete then, to potential thieves, the:
A. Marginal utility of stealing them increases B. Marginal utility of stealing them decreases C. Marginal cost of stealing them increases D. Marginal cost of stealing them decreases
People with savings often deposit their funds in a commercial bank, rather than investing them directly with business enterprises, in order to
A) avoid the problems associated with asymmetric information. B) earn the highest possible return for taking on the riskiest investments. C) avoid the problems associated with financial intermediation. D) All of the above are correct.