Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units
What is the value of economic surplus in this market?
A) $50 thousand B) $112.5 thousand C) $225 thousand D) $337.5 thousand
D
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If the Federal Reserve is to be independent, then the quantity of securities it purchases is determined by:
A. Congress. B. the Federal Reserve itself. C. the amount the public does not want to purchase at the going price. D. the Treasury.
When there is a surplus in the market, the quantity sold is
A) equal to the quantity supplied. B) equal to the quantity demanded. C) less than the quantity demanded. D) greater than the quantity bought.
If the dollar depreciates against the Indian rupee,
A) Indian imports to the U.S. become less expensive. B) The value of Indian imports to the United States does not change. C) U.S. exports to India become less expensive. D) U.S. exports to India become more expensive.
In the simplest version of the Cournot model, we assume
A) the firms set price independently and simultaneously. B) the firms set price independently and sequentially. C) that the firms have identical costs. D) the firms are in a Nash equilibrium.