The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.62, then
A) there is a surplus of gasoline in Tulsa.
B) there is a shortage of gasoline in Tulsa.
C) the gasoline market in Tulsa is in equilibrium.
D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.
E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
B
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Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of consumer surplus after the imposition of the price floor?
A) $6,000 B) $30,000 C) $100,000 D) $240,000
Retired persons are officially classified as:
a. unemployed. b. self-employed. c. underemployed. d. not in the labor force.
The additional goods and services produced by women in the United States as their labor force participation increases represent:
A. no change in economic activity, B. an increase in economic activity. C. a decrease in economic activity. D. a switch from market to non-market production.
How much is this firm's output?
