Answer the next question(s) based on the following supply and demand schedules in units per week for a product. PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100The government's introduction of a guaranteed price floor of $10 will result in
A. a shortage of 200 units.
B. an unstable market.
C. a surplus of 200 units.
D. no shortage or surplus.
Answer: D
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The long run is
A) over five years. B) the time period in which all factors of production can be varied. C) when all factors of production are fixed. D) over one year.
Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 6th laborer?
A) 11 cabinets B) 7 cabinets C) 36 cabinets D) 9 cabinets
Which measure of money would we most likely use if we were interested in looking at saving in the economy?
A. Hard money B. M1 C. M2 D. Reserves
The increase in unemployment associated with a recession is called