The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition. The with no government intervention, the equilibrium price is ________ and the equilibrium quantity is ________
A) $15 per ton; 100 million tons
B) $14 per ton; 250 million tons
C) $12 per ton; 300 million tons
D) $12 per ton; 250 million tons
E) $15 per ton; 400 million tons
D
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All else constant, an increase in the price of a good will cause the quantity supplied to increase
Indicate whether the statement is true or false
When countries engage in specialization and international trade, every individual person in those countries will gain
Indicate whether the statement is true or false
Which of the following is a driving force underlying economic growth?
What will be an ideal response?
Refer to the diagram. If aggregate expenditures in this economy are (C + I g + X n2 ), then the equilibrium levels of GDP and aggregate expenditures respectively will be:
A. 0A and 0E.
B. 0B and 0F.
C. 0A and AH.
D. 0D and DJ.