According to the above figure, a shortage will occur at a price at which
A) quantity demanded equals quantity supplied.
B) quantity demanded exceeds quantity supplied.
C) quantity supplied exceeds quantity demanded.
D) government sets a price above equilibrium.
B
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A mandatory seatbelt law ends up raising the number of traffic fatalities if it lowers fatalities per accident from 0.11 to 0.08 while raising the number of accidents per period from 100,000 to any more than
A) 108,000. B) 111,111. C) 137,500. D) 110,000.
Exhibit 6-14 Cost curves
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In Exhibit 6-14, a firm finds that it is experiencing numerous managerial and information problems. The position of its short- and long-run average total cost curves suggest that it is operating at a production level:
A. between 0 and 1,000. B. between 1,000 and 2,000. C. between 2,000 and 3,000. D. between 3,000 and 4,000.
When high-school and college graduates apply for jobs in the labor markets,
A. Job applicants are the "buyers" while employers are the "sellers". B. Job applicants are the "sellers" while employers are the "buyers". C. Job applicants and employers are both "sellers". D. Job applicants and employers are both "buyers".
One worker produces 5 rocking chairs. To produce 10 rocking chairs it will be necessary to hire more than two workers, if diminishing returns have set in.
Answer the following statement true (T) or false (F)