Equilibrium is the condition that exists
A. when quantity demanded equals quantity supplied.
B. when the demand curve intersects the price axis.
C. when the demand curve intersects the quantity axis.
D. whenever there is no government intervention in the market.
A. when quantity demanded equals quantity supplied.
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The demand for unionized labor will generally be more elastic, and it will be more difficult for the union to achieve above-equilibrium wages when
a. there are many close substitutes for the unionized workers. b. trade barriers limit the importation of the product produced by the unionized workers. c. the cost of employing the unionized workers is a small part of the total cost of product that they produce. d. the demand for the product produced by the unionized workers is highly inelastic.
Suppose the government is considering whether to build a community health clinic. If the government wants to increase total economic surplus, then it should build the health clinic if the marginal benefit of the health clinic is:
A. greater than zero. B. decreasing. C. less than its marginal cost. D. greater than its marginal cost.