Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone are
A) 50,000 and $100.
B) 80,000 and $80.
C) 60,000 and $50.
D) 100,000 and $20.
E) 40,000 and $20.
C
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In the aggregate supply-aggregate demand model, if every person in the economy correctly anticipates the inflation rate, the unemployment rate will
A) be less than the natural rate of unemployment. B) be more than the natural rate of unemployment. C) equal zero. D) equal the natural rate of unemployment.
Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max is currently at point d,
A) his MRS is larger than the trade-off offered by the market. B) he is willing to give up more chicken than he has to, given market prices. C) he is not maximizing his utility. D) All of the above.