Describe in words how one can recognize the market equilibrium point in a graph of a demand schedule and a supply schedule
Please provide the best answer for the statement.
The market equilibrium point is the point where the demand curve intersects the supply curve. The quantity vertically below this point is the equilibrium quantity and the price horizontally opposite this point is the equilibrium price.
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Which of the following is likely to be observed among unemployed individuals if the government offers generous unemployment benefits?
A) Higher motivation to look for a job B) Increased acceptance of low-paying jobs C) Lower current consumption D) Reduced motivation to look for a job
People know that the inflation rate will increase from 3 percent to 5 percent. As a result
A) the nominal interest rate falls by 2 percentage points. B) the nominal interest rate is constant. C) the nominal interest rate rises by 2 percentage points. D) the real interest rate rises by 2 percentage points.
Is monopolistic competition efficient? Explain. What is Edward Chamberlin's view about the efficiency of monopolistic competition?
What will be an ideal response?
The various combinations of goods and services that can be produced, when an economy uses its available resources and technology efficiently, is called:
a. scarcity. b. opportunity cost. c. unlimited production. d. capital accumulation. e. production possibilities.