Suppose the market-clearing price of wheat is $2.50 per bushel. At a price below $2.50,
A) supply would equal demand.
B) quantity supplied would equal quantity demanded.
C) quantity supplied would exceed quantity demanded.
D) quantity supplied would be less than quantity demanded.
D
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A few economies have the interesting characteristic that exports are more than 100 percent of the economy's GDP. How is this possible?
What will be an ideal response?
Economies of scale suggests that as the level of production:
a. decreases, the average cost of producing each individual unit increases. b. increases, the average cost of producing each individual unit increases. c. decreases, the average cost of producing each individual unit declines. d. increases, the average cost of producing each individual unit declines.
In general, a dry cleaner in a small town is ______________ likely to be unethical in his business practices than a dry cleaner in a large city. This is because the larger a percentage of the population one person is, the _____________likely that person will have to further engage with people he encounters
A) more; less B) less; less C) more; more D) less; more
Use the following diagram for the corn market to answer the question below.
There will be a surplus of 8,000 bushels at the price of
A. $5 per bushel. B. $4 per bushel. C. $3 per bushel. D. $2 per bushel