Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $60 and 30 thousand B) $20 and 60 thousand
C) $30 and 20 thousand D) $20 and 30 thousand
D
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When firms spend more on additional holdings of raw materials, parts and finished goods ________
A) they are increasing their fixed investment B) they are increasing their inventory investment C) they are increasing their private consumption D) all of the above E) none of the above
Assume a price ceiling is imposed at the current equilibrium price in the market for wheat. If the supply of wheat then decreases as a result of bad weather, a. a surplus of wheat will be created
b. a shortage of wheat will be created. c. the quantity of wheat traded remains the same. d. the quantity of wheat supplied will increase.
Central banks can increase the money supply by:
a. Increasing the discount rate. b. Buying government securities. c. Selling foreign exchange. d. All of the above. e. None of the above.
What does average total cost equal?
a. change in total costs divided by quantity produced b. change in total costs divided by change in quantity produced c. (fixed costs plus variable costs) divided by change in quantity produced d. (fixed costs plus variable costs) divided by quantity produced