In the above figure, what would result if the price was $10?
A. a shortage
B. excess supply
C. equilibrium
D. a surplus
Answer: A
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What are public goods?
What will be an ideal response?
Tina has $1,000 that she wants to save for at least five years. It’s important to her that her investment is very low risk, but she would still like to earn some interest on her savings. Which of the following instruments would be the best choice for Tina?
a. Savings account b. Rental property c. Gold d. Certificate of deposit
Which statement is true?
A. Big business has a great deal of economic power but very little political power. B. Big business has a great deal of political power but very little economic power. C. Big business has a great deal of economic and political power. D. Big business does not have much political or economic power.
Use the indifference curves and the budget lines in Figure 19.3 to answer the indicated question. Assume that the price of both goods X and Y are $1 each. Point D on the graph.
A. Is affordable but does not yield the highest utility possible. B. Is affordable and is the optimal consumption bundle for this individual. C. Lies on an indifference curve that is not obtainable. D. Is not affordable.