Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, the equilibrium market quantity is
A. 70.
B. 22.
C. 14.
D. 30.
Answer: D
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The above figure shows the market for labor. The employer is a monopsony. At the equilibrium level of employment, which of the following is CORRECT?
A) MCL = VMP B) VMP > W C) W < MCL D) All of the above are correct.
What is a budget line? What does its slope indicate?
Based on the graph showing an unanticipated expansionary policy, the short-run effects of an unanticipated expansionary policy are ______.
a. higher unemployment and lower prices
b. higher output, prices, and employment
c. lower output, prices, and employment
d. lower output and unchanged prices
The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, how many microwaves will be imported or exported?
A. 2,000 imported B. 1,000 imported C. 3,000 exported D. 2,000 exported