. Suppose the market demand for fish is: Q=1- P, and the supply of fish is Q=- 2+P, where P is the price per pound of fish. The quantity traded in this market is:
A) 2.
B) 1.
C) 3.
D) 0.
Correct Answer:
Verified
Q12: A profit maximizing firm:
A)also minimizes marginal costs.
B)behaves
Q13: Since a perfectly competitive firm is assumed
Q14: Producer Surplus is:
A)the difference between value and
Q15: The aggregate gains from trade in a
Q16: The assumption of large numbers in economics:
A)allows
Q18: All of the following assumptions apply to
Q19: In most markets, prices are determined when
Q20: In the long run equilibrium:
A)price is equal
Q21: A price taking firm that has TC
Q22: Andrew's demand for fish is: QA=12- 3P.
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