Suppose the domestic supply (QSU.S) and demand (QDU.S) for skateboards in the United States is represented by the following set of equations:QS = -60 + 3PQD = 390 - 2PIn the absence of international trade in skateboards, what will be the equilibrium price of skateboards in the United States?
A. $66
B. $150
C. $45
D. $90
Answer: D
You might also like to view...
Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the marginal cost of producing 2 units of corn?
A) 0 B) 10 cents C) $1.10 D) $2.00 E) $2.10
If a rise in the price of good B increases the quantity demanded of good A
A) A and B are substitutes. B) A and B are complements. C) A is a substitute for B, but B is a complement to A. D) B is a substitute for A, but A is a complement to B.
One problem with NAFTA that is not shared by other trade blocs is that
A) national environmental laws differ greatly. B) the countries are at very different stages of economic development. C) the countries speak different languages. D) the countries are not natural trading partners. E) the United States and Mexico have a history of conflict.
During the Great Depression, unemployment peaked at
A) 10%. B) between 15 and 20%. C) over 20%. D) 81%.