In the figure above, what is the equilibrium price and quantity?
What will be an ideal response?
The equilibrium price is $4 a unit and the equilibrium quantity is 3 units per month.
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Supply-side economists argue that
A) lower tax rates always lead to lower tax revenues. B) higher tax rates lead to increased productivity. C) lower tax rates sometimes lead to increased tax revenues. D) lower tax rates lead to a drop in real Gross Domestic Product (GDP).
For any constant-elasticity market demand curve, a monopolist is profit maximizing regardless of what quantity he produces so long as marginal costs are zero.
Answer the following statement true (T) or false (F)
Adam spent $10,000 on new equipment for his small business, "Adam's Fitness Studio." Membership at his fitness center is very low and at this rate, Adam needs an additional $12,000 per year to keep his studio open. Which of the following is true
A) The fixed cost of running the studio is $22,000. B) The $10,000 Adam spent on equipment is the total cost of starting the business and the $12,000 he'll need to continue operations is a marginal cost. C) The variable cost of running the studio is $22,000. D) The $10,000 Adam spent on equipment is a fixed cost of business and the $12,000 he'll need to continue operations is a variable cost.
The General Agreement on ___________ and Trade (GATT) was established to provide a forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade.
a. Travel b. Taxes c. Tariffs d. Transfers