The equilibrium price of a good or service is the price
a. at which the current quantity supplied by producers is equal to the potential output.
b. fixed by the government so that producers do not over produce and consumers do not over purchase.
c. at which all consumers can afford to purchase units of a good or service as long as they provide them with any value.
d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
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Which of the following events would result in an increase in the demand for natural gas, causing the demand curve to shift outward?
A. A decrease in the price of electricity B. An increase in the price of furnaces C. An increase in the price of heating oil D. A decrease in the price of natural gas
There are two grocery stores in the new neighborhood that you have moved into. Because you did not know which store is better, you decided to go to the one that is relatively crowded. Your behavior is an example of ________
A) herding B) anchoring C) signaling D) sniping
Refer to Figure 13-13. What is the output price?
A) P4 B) P3 C) P2 D) P1
The combination of high unemployment and high inflation is termed
A. reflation. B. stagflation. C. depression. D. unflation.