All of the following apply to the description of a market in equilibrium except:
a. quantity supplied equals quantity demanded.
b. the intersection of the supply and demand curves.
c. no excess supply exists
d. no excess demand exists.
e. the price of the good is falling.
e
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The typical test applied for merger approval under U.S. antitrust law requires that:
A. quantities produced not fall. B. prices not rise. C. aggregate surplus not fall. D. the merger not be horizontal in nature.
The incidence of a tax:
A. falls entirely on suppliers if supply is perfectly elastic. B. falls entirely on suppliers if demand is perfectly inelastic. C. falls entirely on consumers if supply is perfectly elastic. D. falls entirely on consumers if demand is perfectly elastic.
Refer to the above table. What does the marginal revenue product equal when 26 workers are hired a week?
A) $8.50 B) $26 C) $221 D) $1190
On holiday weekends thousands of people picnic in state parks. Some picnic areas become so overcrowded the benefit or value of picnicking diminishes to zero. Suppose that the Minnesota State Park Service institutes a variable fee structure. On weekdays when the picnic areas get little use, the fee is zero. On normal weekends, the fee is $8 per person. On holiday weekends, the fee is $14 per
person. The fee system corrects a problem known as the a. Coase theorem. b. free rider problem. c. Tragedy of the Commons. d. public goods problem.