The Equilibrium Principle asserts that in a market equilibrium:
A. unexploited opportunities exist for both individuals and society.
B. no unexploited opportunities exist for society.
C. unexploited opportunities exist for individuals but not for society.
D. no unexploited opportunities exist for individuals.
Answer: D
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If the government imposes a price floor above the equilibrium price,
a. producers will eventually go out of business b. market equilibrium will result c. there will be an excess demand d. consumers will benefit e. producers will benefit
Average revenue for a monopoly is the total revenue divided by the quantity produced
a. True b. False Indicate whether the statement is true or false
Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (i) study economics, (ii) watch two half-hour TV sitcoms, (iii) play pool, and (iv) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?
a. Watching two half-hour TV sitcoms. b. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry. c. Playing pool. d. Jogging around town.
Which of the following goods or services are among top U.S. imports?
a. aircraft b. education c. computers d. soybeans