When the supply curve and the demand curve for a single product or service are shown on the same graph, the point at which the curves intersect identifies the ________.
A) total profit earned by the producers
B) market price of the good
C) quality of the good or service being purchased
D) amount of the surplus to be anticipated
E) the number of substitute goods available
B) market price of the good
Explanation: B) The market price of an item is the price at which supply equals demand. Therefore, the market price is the point at which the supply curve and the demand curve intersect.
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A government-imposed price floor above the market price of milk would increase consumers' expenditures on milk only if
a. demand is elastic b. supply is inelastic c. demand falls d. demand is inelastic e. supply is unit elastic
Under current guidelines, the U.S. Department of Justice usually challenges
a. all mergers b. mergers in industries that would have a postmerger Herfindahl index greater than 1,800 c. mergers in industries that would have a postmerger Herfindahl index greater than 1,800 if the Herfindahl index increases by more than 100 points d. mergers in industries that would have a postmerger Herfindahl index greater than 1,000 e. mergers in industries that would have a postmerger Herfindahl index greater than 1,000 if the Herfindahl index increases by more than 100 points
If an economy produces 3,000 units of output with a price level of $2 and with a velocity of money of 12, we know that the money supply must be: A. $1,000. B. $500. C. $2,000. D. $4,000.
A. $1,000. B. $500. C. $2,000. D. $4,000.
A good that people buy only to make them look better than their neighbors is called a:
A. McGood. B. conspicuous consumption good. C. relative position good. D. show-off good.