On the basic supply-demand graph, the point at which the demand curve and the supply curve intersect is located at
A. market price and market quantity.
B. equilibrium price and equilibrium quantity.
C. equilibrium demand and equilibrium supply.
D. quantity demanded and quantity supplied.
Answer: B
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Describe the field of economics known as microeconomics
What will be an ideal response?
The demand curve facing a firm is also the firm’s
A. total utility curve. B. average revenue curve. C. average utility curve. D. total revenue curve.
Which of the following could cause the production function to shift upward?
a. A decrease in the capital stock b. An increase in the capital stock c. An increase in population d. A decrease in population e. An increase in transfer payments
Why have the earnings of persons with less education (and skill) fallen relative to those with more education (and skill)?
a. more regulation of the transport industry b. more powerful unions c. international competition d. all of the above