Using the data in the above table, at the price of $80 a phone, a
A) shortage of 25 thousand cellular telephones occurs.
B) surplus of 80 thousand cellular telephones occurs.
C) surplus of 25 thousand cellular telephones occurs.
D) shortage of 55 thousand cellular telephones occurs.
C
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What is the reason that stabilization policies do NOT have an immediate effect on an economy?
A) Consumers are slow to catch up on spending. B) Imports come into the country too fast. C) Exports often are not shipped fast enough. D) There is a time lag for policies to take effect.
Use the above figure. If a commission regulates the above monopoly using marginal cost pricing, then the industry's output will be ________ and the product's price will be ________
A) Q2; P1 B) Q2; P3 C) Q3; P2 D) Q4; P1
Explain the concept of efficiency as it relates to taxation.
What will be an ideal response?
Diseconomies of scale are reflected in
A. The upward-sloping segment of the long-run average total cost curve. B. A downward shift of the long-run average total cost curve. C. The downward-sloping segment of the long-run average total cost curve. D. The downward-sloping segment of the long-run marginal cost curve.