Which situation below would represent a shortage in the oil market?
A. quantity demanded is 5.2 million; quantity supplied is 5.1 million.
B. market price $75.00 per barrel; equilibrium price $81.00 per barrel.
C. market price $81.00 per barrel; equilibrium price $75.00 per barrel.
D. quantity supplied this year is 25% greater than quantity supplied last year.
B. market price $75.00 per barrel; equilibrium price $81.00 per barrel.
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In 1976 New Jersey voters passed a referendum to legalize gambling. Several gambling casinos opened in Atlantic City beginning in 1978 and were initially very profitable, attracting people from the Mid-Atlantic and Northeastern states
Entrepreneurs in these states were unable to compete with the Atlantic City casinos because casino gambling was illegal in their states. For these entrepreneurs in the other states, the barrier to entry they were facing was A) government imposed. B) self imposed. C) due to economies of scale. D) due to ownership of a key resource.
Which of the following explains why production rises in most years?
a. increases in the labor force b. increases in the capital stock c. advances in technological knowledge d. All of the above are correct.
Refer to the graph shown. Given the price increase in the graph, we can infer that the international effect by itself:
A. reduces the quantity of aggregate demand by less than Y0 ? Ye. B. reduces the quantity of aggregate demand by Y0 ? Ye. C. raises the quantity of aggregate demand by less than Y0 ? Ye. D. raises the quantity of aggregate demand by Y0 ? Ye.
The law of diminishing marginal utility implies that total utility never reaches a maximum.
Answer the following statement true (T) or false (F)