Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. What are the equilibrium price and quantity (in thousands) for Chef Ernie's sushi?
A) $50 and 100 thousand B) $40 and 50 thousand
C) $60 and 20 thousand D) $80 and 80 thousand
C
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The monetary stimulus enacted in the fall of 2001 provides support for those economists who favor
a. stable money supply growth. b. activist monetary policy. c. rules-governed monetary policy. d. fixed rates of growth for the money supply.
Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000 . Michael's consumer surplus is
a. $500. b. $3,000. c. $3,500. d. $6,500.
A possible solution to the problems of external benefits is
A) to tax those receiving the extra benefits. B) production of the good by government. C) effluent fees. D) to restrict the amount of the good through direct government regulation.
An example of ________ is a power plant generating water pollution.
A. the free-rider problem B. a negative production externality C. a public good D. a positive production externality