Refer to the information provided in Figure 34.4 below to answer the question(s) that follow.
Figure 34.4Refer to Figure 34.4. If the demand and supply of pounds are D1 and S1, the equilibrium is
A. $2.00 per pound and the quantity is 500 pounds.
B. 2 pounds per $ and the quantity is 500 pounds.
C. $1.50 per pound and the quantity is 300 pounds.
D. $2.50 per pound and the quantity is 400 pounds.
Answer: A
You might also like to view...
Your real wealth is measured as the
A) amount of assets you have in dollar terms. B) amount of money you have. C) amount of goods and services your wealth will buy. D) amount of goods you have divided by the price level.
An increase in the quantity of capital per worker would: a. rotate the per-worker production function outward
b. rotate the per-worker production function inward. c. shift the per-worker production function downwards. d. shift the per-worker production function upwards. e. result in a rightward movement along the current per-worker production function.
For the typical student, taking an introductory course in economics should
a. turn the student into an economist. b. teach the student solutions to all social problems. c. teach the student all the answers to the most complex social questions. d. help the student learn to rationally analyze and systematically think about social problems. e. All of the above are correct.
When an economy is producing its potential output, which of the following is true?
What will be an ideal response?