Market equilibrium
i. can never occur because there are always people who want a good but cannot afford it.
ii. occurs at the intersection of the supply and demand curves.
iii. is the point where the price equals the quantity.
A) ii only
B) iii only
C) ii and iii
D) i only
E) i and ii
A
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A monopolist is producing at an output level at which MR = $9 and MC = $8. It could increase profits
A) by increasing both output and price. B) by reducing output and by increasing price. C) by reducing both output and price. D) by increasing output and by reducing price.
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.
A perfectly competitive firm cannot earn an economic profit in the long run because
A) it is a "price-maker." B) it faces a perfectly inelastic demand curve. C) there are no barriers to entry into the industry. D) all firms in the industry earn accounting profits.
Marginal utility is calculated as
A. total utility/change in number of units consumed. B. total utility/number of units consumed. C. change in total utility/number of units consumed. D. change in total utility/change in number of units consumed.