At equilibrium, quantity demanded equals quantity supplied.
Answer the following statement true (T) or false (F)
True
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When leisure is a normal good, the wage elasticity of labor supply is always positive.
Answer the following statement true (T) or false (F)
If international trade is restricted by the government of a country:
a. the domestic consumers are benefited. b. the domestic producers are adversely affected. c. the domestic consumers pay higher prices for imported goods. d. the resources are equally distributed among domestic and foreign producers. e. the resources are allocated to their highest paid uses.
In Figure 9.8, if full-employment income is produced at $400 billion, we can expect inventories to
A. Rise as a result of undesired inventory investment. B. Fall as a result of undesired inventory investment. C. Rise as a result of undesired saving. D. Fall as a result of undesired saving.
Refer to the above table. Given the demand and cost schedules, what is the profit-maximizing price for this monopolist?
A. $13 B. $11 C. $12 D. $10