Refer to the table below. At a price of $15 per unit, which of the following would exist?
A. A shortage of 1,600 units
B. A surplus of 1,000 units
C. A shortage of 1,000 units
D. A surplus of 600 units
Answer: C
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In the simple Keynesian portion of the upward sloping short-run aggregate supply curve
A) equilibrium real GDP is demand-determined. B) equilibrium real GDP is supply-determined. C) equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand. D) equilibrium real GDP is determined by both aggregate supply and aggregate demand.
Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
A. Summer is longer than winter, and price elasticity is higher over longer time horizons. B. People take more vacations in the summer and so use less water at home. C. Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation. D. Winter is longer than summer, and price elasticity is lower over longer time horizons.
Health care costs have been rising due to
A. an aging population. B. third-party financing. C. new technologies. D. All of these are correct.
In ________ industries, a single firm has some control over the price of its output.
A. imperfectly competitive B. all C. only government-regulated D. perfectly competitive