Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium quantity?
A. 2
B. 10
C. 5
D. 4
Answer: C
You might also like to view...
The pricing system has a failure built into it when externalities exist
a. True b. False Indicate whether the statement is true or false
When firms are able to increase the amount of physical capital available to workers, the
a. marginal product of labor will decrease. b. value of the marginal product of labor will decrease. c. value of the marginal product of labor will increase. d. final product price will increase.
Which of the following conditions is TRUE for a monopolist?
A) MR < P B) MR = P C) MR = AFC D) MR < AVC
Economics is an empirical science, which means that economists
A. must use laboratory experiments to test their theories. B. try to prove their models are true by referring to logic. C. look for evidence to determine whether the model is useful or not. D. evaluate a model or theory by whether its assumptions are consistent with the real world.