The above figure shows a graph of the market for pizzas in a large town. At a price of $5, there will be
A) excess demand.
B) excess supply.
C) equilibrium.
D) zero demand.
A
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
If Big City Appliances is in tacit collusion with three smaller appliance firms and Big City Appliances consistently makes price changes that the other three firms then also make, this is an example of ________ by Big City Appliances.
A) price leadership B) a meet-or-release clause C) a meet-the-competition clause D) a precommitment
The maximin criterion for government policies is associated with
a. the school of thought called utilitarianism. b. the school of thought called liberalism. c. the school of thought called libertarianism. d. the school of thought called stoicism.
Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.
Figure 28.1Refer to Figure 28.1. At wage rate $15, there is a ________ of labor equal to ________ million people.
A. surplus; 150 B. shortage; 120 C. surplus; 120 D. shortage; 150