Refer to the graph shown. If hamburgers are produced by a perfectly competitive industry with a market demand D, in long-run equilibrium the price will be:
A. $6, and 100 will be sold.
B. $4, and 100 will be sold.
C. $4, and 200 will be sold.
D. $5, and 150 will be sold.
Answer: C
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Refer to Table 29-2. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Mexican peso and U.S. dollars per British pound respectively?
A) 0.10 dollars per peso and 2.00 dollars per pound B) 0.10 dollars per peso and 5.00 dollars per pound C) 1.00 dollars per peso and 20.00 dollars per pound D) 0.01 dollars per peso and 0.50 dollars per pound E) 0.01 dollars per peso and 0.20 dollars per pound
The consumer wants to work because he/she
A) is told to work. B) likes to work. C) likes leisure. D) wants the income.
Demand is said to be ____ when the quantity demanded changes the same proportion as the price
a. independent b. inelastic c. unit elastic d. elastic
Gross Domestic Product is an economic aggregate that represents the
a. potential output of a country. b. total product of a nation's economy. c. total income earned from all sales. d. total product that a country exports.