Refer to the information provided in Table 3.1 below to answer the question(s) that follow.
Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $9, the price will
A. increase because there is an excess demand in the market.
B. remain constant because the market is in equilibrium.
C. increase because there is an excess supply in the market.
D. decrease because there is an excess supply in the market.
Answer: B
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A) output and input prices generally fall B) output prices always fall C) output prices generally fall and input prices generally rise D) lower wages increase your incentive to find employment elsewhere.
The Aldrich-Vreeland Act of 1908 provided for temporary emergency currency for national banks
Indicate whether the statement is true or false
When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10 B. 20 C. 30 D. 50
Perfect Flights, a commercial airline, has a monopoly on the route it flies but decides to charge each passenger a price exactly equal to what the passenger is willing to pay. At $500 no one is willing to fly. At a price of $300 there are 100 passengers willing to fly, and at a price of $100 there are 200 customers willing to fly. The marginal cost of a passenger on its flight is constant for any number of passengers at $100. Calculate profits for Perfect Flights.
a. $20,000 b. $25,000 c. $30,000 d. $40,000