If P = 3Qs + 3 represents market supply for a competitive industry and market demand is given by Qd = 31 - 1/3 P, the equilibrium price is:
A. $48.
B. $10.
C. $20.
D. $15.
Answer: A
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A) second-degree price discrimination B) first-degree price discrimination C) arbitrage D) market segmentation
Consider Figure 8.9. The outcome of the game will be that:
A. both choose a high price. B. both choose a low price. C. Becky chooses a high price and David chooses a low price. D. David chooses a high price and Becky chooses a low price.
A severe drought has devastated cocoa plants, causing an increase in the price of chocolate. In the market for chocolate chip cookies
A. quantity has decreased and price has decreased. B. a surplus will arise. C. quantity demanded has increased. D. supply has decreased and price has increased.
According to traditional Keynesian analysis, fiscal policy operates by
A. directly affecting aggregate demand. B. indirectly affecting aggregate demand through its effect on the money supply. C. directly affecting aggregate supply. D. informing business people about its plans for the economy so they will know how to adjust their behavior.