Refer to the diagram. A price of $20 in this market will result in a:
A. shortage of 50 units.
B. surplus of 50 units.
C. surplus of 100 units.
D. shortage of 100 units.
D. shortage of 100 units.
You might also like to view...
If nation-states are able to extend effective control over ocean resources from 3 miles to 200 miles off their coasts, valuable marine animals are more likely to be harvested
A) at a rate consistent with their long-run preservation. B) at a rate inconsistent with their long-run preservation. C) too rapidly for maximum net benefit. D) too slowly for maximum net benefit. E) up to the point of extinction.
This year Pizza Hut makes a total investment of $1.3 billion in new stores. Its depreciation in this year is $300 million. Pizza Hut's gross investment is ________ and its net investment is ________
A) $1.3 billion; $1.6 billion B) $1.0 billion; $1.3 billion C) $1.3 billion; $1.0 billion D) $1.0 billion; $0.7 billion
Any such pollution is
A) an external benefit. B) an external cost. C) a private cost. D) a private benefit.
The most surprising outcome of the Solow growth model is that
A) the population growth rate has no effect on the standard of living. B) the capital-labor ratio has no effect on the output-labor ratio. C) a higher rate of national saving does not lead to a permanently higher rate of output growth. D) a higher rate of depreciation lowers the capital-labor ratio, but not the output-labor ratio.