A surplus quantity will occur when
a. quantity demanded is greater than quantity supplied.
b. price is above equilibrium.
c. demand is elastic.
d. price is below equilibrium.
b. price is above equilibrium.
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Assume a lawyer signs a contingency fee contract with a plaintiff. The case ends up settling for $1 million, of which the plaintiff received $800,000. It is obvious this contract was efficient
A) True, the plaintiff received some money. B) False, it is not clear whether another lawyer would have settled for more. C) False, it is not clear whether the plaintiff's lawyer is very smart. D) True, the plaintiff and lawyer reached an agreement and both lived up to their end of the agreement.
A good example of _________ is the merger between a steel firm and a cookware firm
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a horizontal or conglomerate merger, depending on whether the oligopoly is balanced or unbalanced e. either a horizontal or conglomerate merger, depending on the market shares of the two firms
The misery index is the
A. Unemployment rate minus the interest rate. B. Inflation rate plus the interest rate. C. Inflation rate plus the unemployment rate. D. Inflation rate minus the unemployment rate.
ItemBillions of DollarsCheckable Deposits$597Small Time Deposits818Currency639Money-Market Mutual Funds Held by Businesses1,045Savings Deposits, Including Money-Market Deposit Accounts2,866Money-Market Mutual Funds Held by Individuals979Refer to the above table. The size of the M1 money supply is:
A. $979 billion. B. $1618 billion. C. $1236 billion. D. $1415 billion.