Refer to the above figure. At a price of $6, excess quantity supplied equals
A) 0.
B) 12.
C) 15.
D) infinity.
A
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An market in which the Herfindahl-Hirschman Index (HHI) is 2,500 is considered to be
A) an oligopoly. B) monopolistically competitive. C) a monopoly. D) perfectly competitive.
The federal government, in order to fund expanded health care, imposes a lump-sum tax on all business property. Profit-maximizing firms that stay in business will respond by
A. raising prices to pay the tax. B. cutting output to reduce costs. C. lowering prices to stimulate demand. D. doing nothing.
In the self-correcting AD/AS model, the economy's short-run equilibrium position is indicated by the intersection of which two curves?
a. Long-run aggregate supply and aggregate demand. b. Long-run aggregate demand and short-run personal consumption expenditures curve. c. Short-run aggregate supply and aggregate demand. d. Short-run aggregate supply and long-run aggregate supply.
Related to the Economics in Practice on page 704: ________ children under 5 years of age in the world are characterized as extremely short due to malnutrition.
A. 1 in 20 B. 1 in 10 C. 1 in 4 D. 1 in 2