Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded.
B) a price decrease, decreasing the supply and increasing the demand.
C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
D) a price increase, increasing the supply and decreasing the demand.
A
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Suppose the market for cement is such that the government does not interfere in price determination but plays an important role in the provision of property rights
While there are a large number of buyers and sellers, everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market? A) The cement market is government regulated. B) All participants in the cement market are price makers. C) All transactions in the cement market are likely to be involuntary. D) The cement market is free and competitive.
In the context of a roulette wheel, gambler's fallacy refers to the belief that:
A) outcomes of a gamble are mostly repetitive. B) winners in a gamble lose the next round. C) outcomes of a gamble tend to avoid repeats. D) winners in a gamble continue to win in streaks.
A criticism of the monetarist autonomous spending variable is that
A) some types of autonomous spending do not affect aggregate demand. B) some types of autonomous spending affect aggregate demand before the spending occurs. Some types of autonomous spending affect aggregate demand when they occur. C) some types of autonomous spending affect aggregate demand only long after they occur. D) Keynesians do not think that autonomous spending affects aggregate demand.
The cost of waiting two months for health care to address a debilitating problem in Canada is most accurately described as
A) an explicit cost. B) an accounting cost. C) no real cost. D) an opportunity cost.