Refer to the table below. Suppose the columns in this table reflect demand and supply. At a price of $50:Price PerUnitColumn A UnitsPer YearColumn B UnitsPer Year$2010040$309550$408060$506570$605080
A. there will be an excess supply of 70 units.
B. there will be an excess demand of 5 units.
C. there will be an excess supply of 5 units.
D. the market will be in equilibrium.
Answer: C
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Based on the model, the MPC function is:
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. MPC = 20 – 0.8Q c. MPC = 10 + 0.8Q b. MPC = 30 – 0.6Q d. MPC = 10 + 0.2Q
A consumer has $20 that he wants to spend on two goods: pens priced at $2 each, and pencils priced at $1 each. Which of the following correctly represents his budget constraint?
A) $20 = ($2/Quantity of pens) + ($1/Quantity of pencils) B) $20 = ($2 × Quantity of pens) + ($1 × Quantity of pencils) C) $20 = ($3/Quantity of pens + Quantity of pencils) D) $20 = $3 × (Quantity of pens - Quantity of pencils)
Aggregate expenditure includes spending on
A) C + I + G - NX. B) C + I + depreciation - NX. C) C + I + G. D) C + I + G + NX.
Suppose a nation has a total population of 100,000,000. Out of that, 70% are in the labor force and 65% of the population is employed. What is the nation's unemployment rate?
A) 5.0% B) 7.1% C) 7.7% D) 30.0%