Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. The original equilibrium price and quantity were, respectively:
A. $5 and 30.
B. $5 and 20.
C. $10 and 20.
D. $20 and 10.
C. $10 and 20.
Economics
You might also like to view...
Positive externalities are _____ because their producers have no incentive to take the _____ into account
a. oversupplied; external cost b. undersupplied; external benefit c. oversupplied; external benefit d. undersupplied; external cost
Economics
Use the above table. If the marginal revenue product is $10, how many workers will the profit maximizing monopsonist hire?
A) 1 B) 2 C) 3 D) 4
Economics
Higher per capita GNP always means higher quality of life
a. True b. False Indicate whether the statement is true or false
Economics
What is the lowest price the firm would accept in the long run?
Economics