If the quantity of a good or service demanded at the existing price is less than the quantity supplied, ________ exists
A) a shortage
B) a surplus
C) market equilibrium
D) All of the above are possible.
B
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Refer to the scenario above. If the colleagues had decided on a fairness penalty of $5,000 before committing the crime, ________
A) this game will not have a Nash equilibrium B) this game will have multiple Nash equilibria C) this game will have multiple dominant strategy equilibria D) this game will have a unique Nash equilibrium
What is the difference between black and parallel markets for foreign exchange? How are these created?
What will be an ideal response?
Refer to the above figure. If the government requires the natural monopolist to charge the efficient price, it will charge price
A) P5 and sell Q1 units. B) P2 and sell Q1 units. C) P3 and sell Q3 units. D) P1 and sell Q4 units.
Floating exchange rates are market determined, that is, supply and demand for foreign exchange sets the rate in the foreign exchange market
Indicate whether the statement is true or false