Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $6, there is a(n)
A. market equilibrium.
B. excess supply of 700 units.
C. excess demand of 1,000 units.
D. excess demand of 500 units.
Answer: D
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When nations attempt to move quickly from central planning to a market system, they face the obstacle of high transaction costs in large part because
A) market systems are unnatural and require careful design. B) people who have lived under socialism lack the basic skills a market system requires. C) people who have long lived under socialism are not sufficiently individualistic. D) the experience of socialism makes people distrustful of one another. E) they lack many of the institutions that develop over time in a market system.
When you purchase a new set of spurs you do so in the
A) input market. B) resource market. C) factor market. D) product market.
Which of the following statements about quotas is true?
A. Quotas provide some revenue to the government imposing them, while tariffs merely increase the wellbeing of foreign consumers. B. Quotas make consumers better off by ensuring that domestically manufactured products are of as high quality as possible. C. Quotas increase the quantity supplied by encouraging more domestic production. D. Quotas increase the price above the market equilibrium.
CAFTA governs
A. trade between California and the rest of the U.S. B. trade between the U.S., Canada, and Central America. C. agricultural trade only. D. health food products.