Which of following is NOT true of the equilibrium price?
A. It measures the value of the last unit sold to consumers.
B. Buyers who are willing to pay the equilibrium price can acquire the good.
C. Sellers who are willing to accept the equilibrium price can sell what they produce.
D. It is fair in the sense that everyone can afford basic goods and services.
Answer: D
You might also like to view...
From the table above, which gives data about the U.S. labor market in 1933, the unemployment rate is
A) 2 percent. B) 18 percent. C) 20 percent. D) 25 percent. E) 35 percent.
If a corporate bond with face value of $1,000 has an interest rate of eight percent paid once a year for a term of 30 years, what is the size of the annual coupon payment?
A) $1,000 B) $300 C) $80 D) $8
Refer to Figure 10-4. What is the marginal rate of substitution for one bar of chocolate between g and h?
A) of a cookie. B) of a cookie. C) 2 cookies. D) 3 cookies.
Real business cycle theorists agree with new Keynesian economists that
a. agents maximize utility. b. the labor market do not clear. c. AS shocks can play a big role in business cycles. d. Both a and c.