In the graph shown above, at a price of $3.00
A. there is a shortage.
B. there is a surplus.
C. quantity supplied is greater than quantity demanded.
D. None of these choices are correct.
A. there is a shortage.
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Firm A can produce a unit of output with 10 hours of labor and 5 units of material. Firm B can produce a unit of output with 5 hours of labor and 10 units of material
Firm C can produce a unit of output with 10 hours of labor and 10 units of material. If the prices of labor and material are $10 per hour and $5 per unit, respectively, which of these firms is the most technologically efficient? A) firm A only B) firm B only C) firm C only D) Firms A and B could both be technologically efficient.
We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased. Which of the following events could be responsible for this?
A) Technological advances in digital camera production. B) Consumers' preferences changed in favor of digital cameras. C) The price of film cameras rose. D) Workers who make digital cameras received a pay raise.