A market is said to be in equilibrium when
A. The buying intentions of all consumers are realized.
B. The supply intentions of all sellers are realized.
C. The quantity demanded equals the quantity supplied.
D. Demand is fully satisfied at all alternative prices.
Answer: C
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The change in the total output of a firm associated with using one more unit of an input is referred to as the:
A) marginal product of the input. B) total product. C) average product of the input. D) variable product of the input.
Gains from trade can be realized if each country specializes in the production of a good in which it has a comparative advantage
a. True b. False Indicate whether the statement is true or false
Which one of the following macroeconomic theories is most closely associated with the Laffer curve?
A. Monetarism B. New classical economics C. Keynesian economics D. Supply-side economics
A price ceiling does all of the following except:
A. Increases the quantity demanded relative to the equilibrium level. B. Creates excess supply. C. Creates a market shortage. D. Decreases the quantity supplied relative to the equilibrium level.