The equilibrium price and quantity in Figure 3.2 are, respectively,Figure 3.2 Supply and Demand

A. $12 and 20 units.
B. $12 and 40 units.
C. $6 and 20 units.
D. $9 and 30 units.


Answer: D

Economics

You might also like to view...

As the price of a product falls, the demand for the product increases, ceteris paribus

Indicate whether the statement is true or false

Economics

If an early frost destroys most of the apple crop, the equilibrium price of an apple ________ and the equilibrium quantity ________

A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases

Economics

Let the production function be q=ALaKb. The function exhibits decreasing returns to scale if

A) a + b = 1. B) a+ b > 1. C) a + b < 1. D) Cannot be determined with the information given.

Economics

The gains from general training in human capital tend to go to the

A. individual and not to the employing firm. B. federal government in the form of higher taxes. C. parents since they paid for the education in the first place. D. employing firm and not to the individual.

Economics