What does the graph point at the intersection of $2 per pound and 3,000 pounds of coffee show?
a. an equilibrium point
b. a shortage of quantity supplied
c. a deficit of quantity demanded
d. a surplus of quantity supplied
b. a shortage of quantity supplied
Economics
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The above figure shows the AE curve and 45° line for an economy
a. If real GDP equals $10 trillion, how do firms' inventories compare to their planned inventories? b. If real GDP equals $20 trillion, how do firms' inventories compare to their planned inventories? c. What is the equilibrium level of expenditure? Why is this amount the equilibrium?
Economics
OPEC is an example of a ________
A) duopoly with differentiated products B) monopoly C) duopoly with homogeneous products D) cartel
Economics