At the equilibrium price, there are
A. Shortages.
B. Excess inventories.
C. Surpluses.
D. No shortages or surpluses.
Answer: D
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Medical service by physicians
A) could be made a free good through universal health insurance. B) is a good for which the demand is completely inelastic. C) is a good for which there is no satisfactory substitute. D) would become a free good if physicians did not charge monetary fees. E) would cost some patients more in non-monetary terms than they now pay if physicians did not charge monetary fees.
A monopolistically competitive firm has ________ power to set the price of its product because ________
A) no; there are no barriers to entry B) some; there are barriers to entry C) no; of product differentiation D) some; of product differentiation
When government inefficiencies exist and government officials can be bribed, then
A) dead capital will not exist. B) the country will have positive economic growth. C) a bribe will increase the cost of investing in capital. D) property rights will be more secure since an official has been bribed to grant ownership to the business.
Which is not a characteristic of a good economic model?
A. Focuses on important details B. Predicts cause and effect C. Utilizes vague assumptions D. Describes the world accurately