Refer to the figure above. The equilibrium quantity of dollars traded is:
A) 100 dollars. B) 300 dollars. C) 650 dollars. D) 50 dollars.
B
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The identity stating that the total amount spent on final output equals the amount received for final output is known as the
A) equation of exchange. B) circular flow identity. C) identity equation. D) fundamental law of economics.
Which of the following summarizes the information provided by a Lorenz curve?
A) the Gini coefficient B) the slope (the rise divided by the run) of the Lorenz curve at a particular point on the curve C) the income distribution ratio D) the Lorenz coefficient
In a competitive labor market, with one variable factor, the supply of labor to the firm is
A) equal to the marginal expenditure curve. B) equal to the demand curve for labor. C) greater than the marginal expenditure curve. D) equal to the marginal revenue product curve.
Which of the following statements about markets is true?
a. Markets reduce the opportunity costs of making exchanges. b. Markets expand the range of buyers and sellers available as counterparties. c. Markets increase the transaction costs of making exchanges. d. Markets increase the costs of information.