Suppose that 1000 identical sellers each set their profit-maximizing output level at 18 units when price equals $10. Then what is market quantity supplied at a price of $10?
A. 100.
B. 1,000.
C. 10,000.
D. 18,000.
Answer: D
Economics
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Based on Table 9.2, the current account balance is
A) -2 percent of GNP. B) +2 percent of GNP. C) +4 percent of GNP. D) -4 percent of GNP. E) None of the above.
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Which of the following will most likely occur during the expansionary phase of a business cycle?
What will be an ideal response?
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Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. 4% B. 5% C. 15% D. 20%
Economics