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. In this market there will be an excess supply of 1,000 cheeseburgers at a price of
A. $5.
B. $6.
C. $7.
D. $9.
Answer: D
You might also like to view...
To move quickly to turn around the crisis during 2007-2008, the U.S. Federal Reserve relied on:
a. lowering taxes. b. removing restrictions on collateral, adding more categories of securities purchased by the Federal Reserve, and expanding its operations with nonbank dealers. b. tightening up credit rules and keeping banks out of trouble. d. admonishing the administration for its excessive debt situation.
Which of the following reasons explain why a natural monopoly might exist?
A. The government has banned other firms from entering the market. B. The good or service is not proprietary. C. Extremely high start-up costs. D. A cartel owns the natural resource.
The tax rebate of 2008 is an example of
a. expansionary monetary policy. b. contraction fiscal policy. c. contraction monetary policy. d. pump priming.
Suppose that we learn that hotels in Los Angeles generally operate with an average vacancy rate of 15 percent (in other words, 85 percent of the hotel rooms are filled with guests). Given this information about excess capacity, we would judge this market to be
A. an oligopoly. B. a perfectly competitive market. C. a monopolistically competitive market. D. a monopoly.