If the price is below the equilibrium price,
A) there is a surplus.
B) there is a shortage.
C) the supply curve will shift rightward.
D) the supply curve will shift leftward.
E) the demand curve will shift leftward.
B
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In a competitive market with no externalities,
A) the consumer surplus is equal to zero because of competition. B) buyers cannot control the price, so the consumer surplus is zero. C) at the equilibrium price, marginal benefit exceeds marginal cost. D) at the equilibrium price, marginal benefit equals marginal cost. E) at the equilibrium price, the total amount of consumer surplus equals the total amount of producer surplus.
If the quantity supplied increases by 8 percent when the price rises by 2 percent, the price elasticity of supply is ________
A) 10.0 B) 6.0 C) 0.25 D) 16.0 E) 4.0
Real GDP is GDP
A) in current-year prices. B) in base-year prices. C) in GDP-prices. D) in that year's prices.
Under the Bretton Woods system, currencies were fixed in terms of the U.S. dollar.
Answer the following statement true (T) or false (F)