Refer to the above diagram. A price of $20 in this market will result in:
A. a surplus of 50 units.
B. a shortage of 100 units.
C. a surplus of 100 units.
D. a shortage of 50 units.
Answer: B
You might also like to view...
Which of the following market types has only a few competing firms?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
A possible explanation for a natural phenomenon is called
A. the scientific method. B. a theory. C. a value judgment. D. normative economics.
An increase in the nominal interest rate, other things constant, will: a. shift the money demand curve to the right
b. shift the money demand curve to the left. c. increase the quantity of money people choose to hold. d. decrease the quantity of money people choose to hold. e. have no impact on the money demand curve.
Advocates of antipoverty programs claim that
a. the government has good information about what people are willing to pay to eliminate poverty. b. fighting poverty is a public good. c. private sector will incur higher costs than the public sector for these programs. d. All of the above are correct.