A supply schedule illustrates the quantity supplied at
A. market equilibrium.
B. different selling prices.
C. various demand levels.
D. a single selling price.
Answer: B
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Suppose demand can be described with the equation Q = 900?5P and supply with the equation Q = 100 + 5P. Complete the following table. Determine the equilibrium price and quantity. ? Quantity Quantity Surplus/ Price Demanded Supplied Shortage $100 _____ _____ _____ 95 _____ _____ _____ 90 _____ _____ _____ 85 _____ _____ _____ 80 _____ _____ _____ 75 _____ _____ _____ 70 _____ _____ _____ 65 _____ _____ _____ 60 _____ _____ _____ ? ?
What will be an ideal response?
Why do short-run profits in a perfectly competitive industry tend to disappear over time?
If the Fed wishes to reduce unemployment during a recession then it should
a. increase the discount rate. b. decrease reserve requirements. c. sell government securities on the open market. d. Do any of the above.
Government spending can be financed by all of the following, except:
a. personal income taxes. b. investment spending. c. government borrowing. d. money creation. e. excise taxes.