In the graph shown above, if market price were $23 there would be
A. a surplus.
B. a shortage.
C. a surplus and a shortage.
D. neither a surplus nor a shortage.
B. a shortage.
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Which of the following is a reason there are divisional conflicts over the transfer price?
a. the manager of the upstream division prefers a transfer price that is too high b. the manager of the downstream division prefers a transfer price that is too low c. the corporate headquarters does not have enough information to determine the correct transfer price d. all of the above
Refer to Figure 2-14. Unemployment could cause this economy to produce at point B.
Indicate whether the statement is true or false.
Which of the following is true about long-run profits for monopolistically competitive firms?
a. Monopolistically competitive firms always experience positive economic profits in the long run. b. Monopolistically competitive firms always experience zero economic profits in the long run. c. Monopolistically competitive firms always experience negative accounting profits in the long run. d. Monopolistically competitive firms always experience positive accounting profits in the long run.
The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). The result will be a _______________ price for the specific items that make up medical care
A) quantity demanded of; higher the demand for; higher B) demand for; higher the demand for; higher C) quantity demanded of; lower the demand for; lower D) demand for; higher the quantity demanded of; higher