Multiple Choice
Consider a market where the demand curve is downward sloping and the supply curve is upward sloping (so they are neither vertical nor horizontal) .If the consumers' willingness to pay for the hundredth unit and the seller's willingness to accept for the 175th unit are both $5.00,then ________.
A) the equilibrium price is $5.00
B) the equilibrium quantity is 100 units
C) there is an excess supply of 75 units at the price of $5.00
D) there is an excess demand of 75 units at the price of $5.00
Correct Answer:
Verified
Correct Answer:
Verified
Q59: The following figure shows the demand and
Q60: The _ plots the relationship between prices
Q61: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1359/.jpg" alt=" -Refer to the
Q62: Which of the following examples best describes
Q63: Which of the following statements is true
Q65: All else being equal,an increase in the
Q66: Scenario: A market researcher asks three consumers,
Q67: If all sellers and all buyers face
Q68: The equilibrium quantity in a perfectly competitive
Q69: Willingness to accept is _.<br>A) always lower