Refer to the above figure. In the absence of a subsidy,
A) Qd would be demanded and QM would be supplied.
B) the price Pd would be charged and quantity QM demanded.
C) the quantity Qo and price Po would prevail in the market.
D) None of the above is correct.
C
Economics
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The vertical classical aggregate supply curve reflects that
a. money wages adjust proportionally with the price level. b. real wages are always the same. c. aggregate output is always the same. d. None of the above. e. Both b and c.
Economics
The consumer is in equilibrium when
A) MRT = MRS. B) Px/Py = MUx/MUy C) the budget line is tangent to the indifference curve at the bundle chosen. D) All of the above.
Economics