Suppose there are 100 firms in a perfectly competitive market. Each firm supplies 100 units of output when price is $5, and so market quantity supplied is ________ when price is $5 . Each firm supplies 150 units of output when price is $7, and so market quantity supplied is ________ when price is $7
a. 100; 150
b. 10,000; 15,000
c. 500; 1,050
d. 50; 700
b
Economics
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Which of the following properties should a commodity have to be considered as money?
a. It should be scarce and rare. b. It should be perishable. c. It should be indivisible. d. It should be unpredictable in value. e. It should be homogenous in nature.
Economics
A severe and prolonged recessionary phase of a business cycle is sometimes described as
a. an inverted peak b. a trough c. a recession d. a depression e. nominal GDP
Economics