Table 14.1Table 14.1 represents 3 markets for used computers. Which of the markets in Table 14.1 are in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 2 and 3
Answer: D
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The above figures show the market for HD televisions. If there are severe earthquakes that destroy a significant number of HD television manufacturing plants, which figure shows the effect of the earthquake?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the number of cleared acres per farm ______________
a. increased; decreased b. decreased; increased c. decreased; remained fairly stable d. remained fairly stable; increased
The difference between the loss of surplus to taxpayers and the tax revenue collected is called:
A. an externality. B. deadweight loss. C. consumer surplus. D. producer surplus.
Exhibit 4-6 Demand and supply curves
In Exhibit 4-6, the demand curve has shifted from D1 to D2 and, simultaneously, the supply curve has shifted from S1 to S2. Describe these actions in this market.
A. Market supply has decreased, and market demand has increased. B. Market supply has increased, and market demand has decreased. C. Market supply has decreased, and market demand has decreased. D. Market supply has increased, and market demand has increased.