If the equilibrium price of an hour with a personal trainer is $45 and the market price is currently $55, then there is
A. a surplus of personal trainers.
B. a shortage of personal trainers.
C. equilibrium.
A. a surplus of personal trainers.
You might also like to view...
A bond with a $90,000 face value sells at a $10,000 discount one year prior to maturity. What is the nominal interest rate paid by the bond?
a. 8.0%. b. 8.9%. c. 11.1%. d. 12.5%.
Which of the following is necessarily true when an economy is in long-run equilibrium?
a. Prices will be constant (that is, inflation will be zero). b. The actual output will be less than the full-employment (or potential) output. c. The actual rate of unemployment equals the natural rate of unemployment. d. The output of the economy will be greater than the full-employment output.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.
The investment schedule shows the:
A. Inverse relationship between the expected rate of return and the quantity of investment demanded B. Positive relationship between the expected rate of return and the quantity of investment demanded C. Amounts business firms collectively intend to invest at each possible level of GDP D. Rate of interest that business firms must pay when they make investments in capital goods