At $10 a sculpture, an art dealer supplies 50 copies of a sculpture, but there is demand for 30 more. The art dealer has a ______.
a. shortage of 30
b. shortage of 20
c. surplus of 30
d. surplus of 20
a. shortage of 30
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In developing countries, economists have found ________ correlation between a person's height and the wages he can earn in the farming sector
A) no B) an inverse C) a weak D) a strong
The real rate of interest measures the ________ of capital investment.
A. marginal benefit B. value of the marginal product C. relative price D. opportunity cost
Exhibit 13-4: Market for Healthy Hands Lotion
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In Exhibit 13-4, the makers of Healthy Hands Lotion discovered that the lotion can cause skin reactions, but it doesn't inform the buyers. While the market experiences imperfect information, the price and quantity will be
A. $5.00 and 50 units. B. $4.00 and 40 units. C. $6.00 and 40 units. D. $8.00 and 0 units.
Ceteris paribus, if average prices in the U.S. economy fall, then the
A. Interest rate effect will lead to a lower quantity of U.S. output demanded. B. Foreign trade effect will lead to a higher quantity of U.S. output demanded. C. Profit effect will lead to a higher quantity of U.S. output demanded. D. Real balances effect will lead to a lower quantity of U.S. output demanded.