At the equilibrium rate of interest:
A) the quantity of credit demanded falls short of the quantity of credit supplied.
B) the quantity of credit demanded equals the quantity of credit supplied.
C) the quantity of credit demanded is zero.
D) the quantity of credit supplied is zero.
B
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John keeps beehives and sells 100 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $10. John has an average variable cost of $5 and an average fixed cost of $3
At 100 quarts per month, John's marginal cost is $10. a) Is John maximizing his profit? If not, what should John do? b) Calculate John's total revenue, total cost, and total economic profit or economic loss when he produces 100 quarts of honey.
When people suddenly want to buy something, supply increases
a. True b. False Indicate whether the statement is true or false