In a competitive market free of government regulation,
a. price adjusts until quantity demanded is greater than quantity supplied.
b. price adjusts until quantity demanded is less than quantity supplied.
c. price adjusts until quantity demanded equals quantity supplied.
d. supply adjusts to meet demand at every price.
c
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The following data represent a personal income tax schedule. Answer the next question on the basis of this information.Taxable IncomeTotal Tax$15,000$1,50030,0003,50060,0009,000120,00025,000If income increases from $15,000 to $30,000, the marginal tax rate is
A. 10.0%. B. 18.3%. C. 13.3%. D. 26.6%.
Utility is:
A. useful in comparing the relative satisfaction different consumers get from a particular good. B. useful in predicting when to put an item on sale. C. useful in quantitatively describing a person's preferences for one good over another. D. an interesting concept, but not really useful for anything.
Which of the following faces a horizontal demand curve?
a. A monopolistic firm b. An oligopolistic firm c. A perfectly competitive firm d. A monopolistically competitive firm e. A monopsonist firm
A firm reaches the minimum efficient scale in the short run.
Answer the following statement true (T) or false (F)