When does equilibrium occur?
a. when quantity supplied equals quantity demanded
b. when demand equals supply
c. when consumers buy as much of the good as they want
d. when suppliers sell as much of the good as they want
a. when quantity supplied equals quantity demanded
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Producers supply larger quantities of any good at higher prices because:
a. prices signal product quality.
b. higher prices attract resources from other uses.
c. people are naturally lazy and refuse to give up their leisure.
d. price and quantity supplied are inversely related.
e. of the law of decreasing opportunity cost.
Sketch a long run average total cost curve and a short run average total cost curve of a plant that is too small to produce at the minimum long run cost. Put the two curves on the same graph and include the marginal cost curves for both average cost functions.
What will be an ideal response?
Angelina, age seven, decides to dress up like Princess Fiona for Halloween. What is the opportunity cost of her decision?
A. the cost of the costume B. the fact that she can't dress up like Dora the Explorer, her second choice C. zero, because seven-year-olds don't have opportunity costs D. the cost of the Lady Gaga costume which she did not want
Which organization determines procedures for the settlement of international trade disputes?
A) World Bank B) World Trade Organization C) International Monetary Organization D) International Bank for Reconstruction and Development E) The League of Nations