Market clearing price
A. exists at a the point at which quantity demanded equals quantity supplied.
B. refers to a movement along the demand curve.
C. refers to a surplus.
D. refers to a supply curve.
Answer: A
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When are demanders satisfied and suppliers unsatisfied?
a. Never-neither suppliers nor demanders are ever completely happy with the market price. b. Whenever the market price is above its equilibrium level. c. When the market price is relatively low, because then demanders can buy all they want but suppliers cannot make a profit. d. When rises in supply cause a fall in the equilibrium price of the good.
Fixed costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. inputs costs that stay the same price per unit. D. costs that are negotiated to stay the same throughout the life of a contract.
Price leadership is an example of explicit collusion by oligopolies
a. True b. False Indicate whether the statement is true or false
If the inflation rate in 2014 was 12.5 percent and the price index for 2012 (the base year) was 100, the price index for 2014 was _____
a. 120.5 b. 121.5 c. 112.5 d. 102.5