When quantity demanded is greater than quantity supplied, the resulting shortage causes the price to fall.
Answer the following statement true (T) or false (F)
False
A shortage causes the price to rise.
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McSweed Cleaning Co is a partnership between Tom McSweed and his wife's accountant. The accountant provided $40,000 in initial start-up capital (along with record keeping services) to Tom's provision of day-to-day staff coordination and back-breaking work. They recently shut down with $45,000 in debt after selling the business assets. For how much debt is each partner responsible?
a. $45,000 b. an equal share c. proportionate to their initial investment d. none e. $5,000 for Tom and $40,000 for the accountant
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814What is the value of economic surplus in the table above?
A. $8 B. $24 C. $12 D. $0
The prisoners’ dilemma is a famous game that demonstrates the basic problem confronting ______.
a. colluding oligopolists b. cartels c. non-colluding oligopolists d. perfect competitors
In a circular flow model consisting of the household sector, the business sector, product markets, and resource markets:
A. businesses are sellers of products. B. households are sellers of products. C. resource markets are sellers of products. D. households are buyers of productive resources.