Which of the following is NOT true about the equilibrium price?
A) the price where a change in quantity supplied occurs
B) the price where the demand curve intersects the supply curve
C) the price where quantity demanded equals quantity supplied
D) the price where there is neither excess quantity demanded or excess quantity supplied
A
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Regulation is guaranteed to be more efficient than a monopoly
A) True, the government is able to internalize the dead weight loss of the monopoly. B) True, the consumers are better off if government provides the product rather than a private firm. C) False, the government does not always have sufficient information to provide a more efficient market outcome. D) False, the consumers are worse off under government regulation.
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU GHzTotal BenefitMarginal BenefitTotal CostMarginal Costs2.0$1,000 $900 2.5$1,400 $1003.0 $300$1,200 3.5$1,900 $1,500 4.0$2,000 $400The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is:
A. $100. B. $300. C. $200. D. $400.
An economic system in which a central authority makes all economic decisions
a. command economy b. traditional economy c. market economy d. free enterprise economy
Aggregate supply is _____________.
Fill in the blank(s) with the appropriate word(s).