Refer to the diagram below for the milk market. In this market, the equilibrium price is ____ and equilibrium quantity is ___
A. $1.50 per gallon; 28 million gallons
B. $1.50 per gallon; 30 million gallons
C. $28 per gallon; 150 million gallons
D. $1.00 per gallon; 35 million gallons
Answer: A
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Perfect competition is a market structure
A) in which any firm would have serious impediments to entry or exit. B) in which individual buyers and sellers have no effect on the market price. C) resulting from individual firms selling highly differentiated products. D) where there is significant regulation and markets are always efficient.
If the market price is $25 in a perfectly competitive market, the marginal revenue from selling the fifth unit is
A) $5. B) $12.50. C) $25. D) $125.
Distinguish between a closed shop and a union shop. Are either or both shops legal? Explain
What will be an ideal response?
When a government prints money to finance its expenditures, it is likely to cause
A. reductions in the use of barter. B. unemployment. C. deflation. D. inflation.