At the equilibrium price, the quantity of the good that buyers are willing and able to buy
a. is greater than the quantity that sellers are willing and able to sell.
b. exactly equals the quantity that sellers are willing and able to sell.
c. is less than the quantity that sellers are willing and able to sell.
d. there is no scarcity.
b
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Factors of production are the
A) goods and services produced by the economy. B) productive resources used to produce goods and services. C) goods that are bought by individuals and used to provide personal enjoyment. D) goods that are bought by businesses to produce productive resources. E) productive resources used by government to increase the productivity of consumption.
In a Bertrand model of oligopoly:
A. firms produce differentiated products and set their prices simultaneously. B. firms produce homogenous products and set their prices simultaneously. C. firms choose how much to produce simultaneously and the price clears the market given the total quantity produced. D. firms choose how much to produce and the price to charge simultaneously.
Suppose government spending rises by $120 billion. It follows that if private expenditures
A) rise by $120 billion, complete crowding out exists. B) fall by $100 billion, incomplete crowding out exists. C) remain unchanged, complete crowding out exists. D) rise by more than $120 billion, complete crowding out exists. E) b and c
A decrease in quantity demanded is given by a(n):
a. downward shift of the demand curve.
b. upward shift of the demand curve.
c. downward movement to the right along the demand curve.
d. upward movement to the left along the demand curve.
e. downward shift of both demand and supply curves.