Equilibrium
What will be an ideal response?
the point of balance at which the quantity demanded equals the quantity supplied.
You might also like to view...
The above figure shows three possible average total cost curves
If all firms in a perfectly competitive industry each have an average total cost curve identical to ATC1, each produce 30 units, and the market price of the good is $16 per unit, then the firms A) make zero economic profit and new firms enter the market. B) make zero economic profit and no firms enter or exit the market. C) make zero economic profit and some firms exit the market. D) incur an economic loss and some firms exit the market. E) make an economic profit and new firms enter the market.
Given that the demand for unskilled labor curve is downward-sloping, an unintended effect of raising the minimum wage is that some people who worked at the lower wage will lose their jobs at the higher wage.
Answer the following statement true (T) or false (F)
The marginal revenue curve coincides with the demand curve of a firm that engages in perfect price discrimination
a. True b. False
The federal government increases spending by $50 billion and the main effect is an increase in the price level. It must be true that the economy is operating on the
a. horizontal portion of the aggregate demand curve. b. horizontal portion of the aggregate supply curve. c. vertical portion of the aggregate supply curve. d. vertical portion of the aggregate demand curve.