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In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X are:
A. $0.50, 250.
B. $2.00, 300.
C. $2.00, 100.
D. $1.00, 200.
Answer: D
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The United States has never suffered through periods of hyperinflation in its history.
Answer the following statement true (T) or false (F)
Which of the following steps should you follow when using a formula?
A) Make sure the number you calculate using the formula is economically reasonable
B) Make sure you understand the economic concept the formula represents
C) Make sure you are using the correct formula for the problem you are solving
D) All of the above are steps you should follow when using a formula
The federal funds rate is the interest rate that
A. the government pays on securities that mature in less than a year. B. commercial banks charge their best customers to borrow money. C. the Fed charges commercial banks to borrow reserves. D. commercial banks charge each other for borrowing and lending reserves.
A quintile is a group that contains
A) exactly 5 people. B) exactly one-fifth of the population. C) five identical siblings. D) five musicians or singers.