In the above figure, a surplus exists in the gasoline market when the price is
A) $1/gallon.
B) $2/gallon.
C) $4/gallon.
D) below $2/gallon.
C
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When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived b. shopping when the showroom is full of customers c. shopping when the car lot has many cars left unsold d. shopping toward the beginning of the month
Setting price equal to marginal cost in a natural monopoly will lead to
a. excess profits for the firm. b. losses for the firm. c. zero profits for the firm. d. One cannot tell without further information.
Irving Fisher derived the quantity theory of money from the equation of exchange. What two assumptions did he make to derive the theory and what is the basic assertion of the theory?
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. International trade is more important in some countries than it is in others. 2. Transportation is among the leading U.S. export sectors. 3. U.S. exports and imports have been declining since the mid-twentieth century. 4. Most of the early international trading partners of the United States were5. Neither Canada nor Mexico is among the leading U.S. international trading partners. in Europe.