Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded.
B) a price decrease, decreasing the supply and increasing the demand.
C) a price increase, increasing the supply and decreasing the demand.
D) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
D
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The above figure shows the U.S. market for flip-flops. With international trade, U.S. consumers buy ________ flip-flops and U.S. producers produce ________ flip-flops
A) 500,000; 500,000 B) 300,000; 700,000 C) 700,000; 500,000 D) 700,000; 300,000 E) 500,000; 300,000
Which of the following is not a correct statement?
a. the United States has twelve Federal Reserve districts. b. less than one-half of U.S. private banks are members of the Federal Reserve System. c. the members of the Board of Governors of the Fed are appointed by the U.S. president for 14-year terms. d. the U.S. Senate must approve any major change in Fed policy.
"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?
a. Alfred Marshall b. Friedrich Hayek c. Adam Smith d. David Ricardo
Refer to the graph shown. If a firm expected to produce 300 units when it built its plant but now desires to expand its output to 500 units in the short run, it will use the plant size represented by:
A. SATC1. B. SATC2. C. SATC3. D. SATC4.