The price at which the amount consumers wish to purchase equals the amount firms wish to sell is called the
A. equilibrium price.
B. optimal result.
C. optimal quantity.
D. equilibrium quantity.
Answer: A
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In the circular flow model, which of the following flows in the opposite direction from the flow of factors of production?
A) finished goods and services B) wages, rent, interest, and profit C) interests payments of Federal, state, and local governments D) firm's profit incentives E) the goods market
Which of the following can be considered an injection into an economy?
a. Imports b. Investment c. Aid to foreign countries d. Saving e. Taxes
A firm's implicit costs are
a. its maintenance costs b. its paid-out costs of production c. its main source of executive costs d. irrelevant to the determination of economic profit e. opportunity costs of production that do not involve money outlays
From a firm’s point of view, unionized labor might _______________ because union workers tend to stay longer at a job.
a. increase productivity b. drive wages down c. decrease productivity d. drive the company out of business