Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, the equilibrium market price is
A. $2.
B. $4.
C. $6.
D. $8.
Answer: B
You might also like to view...
In what industrial sector are children most likely to be working?
What will be an ideal response?
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a ___________ economic statement, and the labor head's statement is a(n) _____________ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper
The aggregate supply curve will be vertical when
a. output can be increased without an increase in the price level b. the economy is operating at full-employment capacity c. output and price level rise together d. the aggregate demand curve shifts to the left e. aggregate demand is absent
Let the TC curve be given by the equation TC(Q) = 5 + Q. The ATC curve can be expressed as
A. Q. B. (5/Q) + 1. C. (1/Q) + 5. D. 5.