Refer to Figure 7-2. The efficient equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
B
You might also like to view...
On a straight-line downward-sloping demand curve, the maximum elasticity of demand occurs
A) at its vertical intercept. B) at its midpoint. C) at its horizontal intercept. D) where it intersects the supply curve.
Expectations about future profitability
A) only affect the level of investment and GDP in the future. B) only affect the level of investment in the future, but can affect the level of GDP in the present. C) can affect the level of investment and GDP in the present. D) only affect the level of GDP in the future, but can affect the level of investment in the present.
In a perfectly competitive market, market prices are determined by:
A. individual consumers. B. the entrepreneur. C. market supply and market demand. D. individual producers.
Production possibilities curves:
A) illustrate the production choices available to an economy. B) assume full employment but not maximum efficiency. C) assume maximum efficiency but not full employment. D) are used to illustrate the law of decreasing opportunity costs.