Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $9, there is a(n)
A. excess demand of 300 units.
B. excess demand of 500 units.
C. market equilibrium.
D. excess supply of 1,000 units.
Answer: D
You might also like to view...
A country will export a good if it
A) can sell the good to a foreigner at a lower price than the no-trade price. B) can sell the good to a foreigner at a higher price than the no-trade price. C) has a high opportunity cost of production. D) is impossible to import the good. E) can dump the good on the world market.
Everything else held constant, in the market for reserves, increases in the discount rate affect the federal funds rate
A) when the funds rate is below the discount rate. B) when the funds rate equals the discount rate. C) when the demand for federal funds intersects the vertical section of the reserve supply curve. D) when the demand for federal funds equals zero.
Show that the utility functions V(X,Y) = XaY1-a and U(X,Y) = a ln(X) + (1-a)ln(Y) represent the same ordering of bundles
What will be an ideal response?
In the case in which foreign affiliates undertake the same kind of production as the parent firm, the affiliate ________ some trade in that product. The affiliate also ________ trade through better local marketing of other products produced by the multinational in other countries.
A. expands; expands B. displaces; displaces C. displaces; expands D. expands, displaces