The output level that occurs in any market that is in equilibrium:
a. is the quantity where the supply curve intersects the y-axis.
b. is the quantity where the demand curve intersects the x-axis.
c. is the quantity at an output level where buyers will pay more than suppliers require.
d. is an output level where buyers will not pay as much as suppliers require.
e. is the quantity where the demand and supply curves intersect each other.
e
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The total cost of purchasing a car is:
a. the dollar amount paid for it. b. the dollar amount paid for it plus the seller's opportunity cost. c. the dollar amount paid for it plus the buyer's opportunity cost of time spent on buying it. d. the dollar amount paid for it plus the seller's opportunity cost of the time spent on looking for a buyer.
Hershey Chocolate Factory pays a money wage rate equal to $30 per hour and sells its candy bars for $1.50 each. Hershey Chocolate Factory should hire labor until an additional unit of labor produces ________ candy bars an hour
A) 30 B) 20 C) 1.5 D) 45 E) 10
The price elasticity of demand ________ in value when moving downward along a ________ line demand curve
A) falls; straight B) rises; curved C) falls, curved D) rises; straight
If the government's spending exactly equals its revenues during a budget year, that government is
A) running a budget deficit. B) experiencing a budget surplus. C) balancing its budget. D) paying off its public debt.