Part i Vocabulary Structure(25%) Directions: There are 25 incomplete sentences here, each with a blank. You are required to complete each one by choosing the most appropriate answer from the 4 choices marked A.B.c and D 1. Molly watching football matche T B. interested C. ke
Multiple Choice 1. Equilibrium a. is a concept unique to economics. b. always occurs where supply equals demand. C. results when opposing forces fail to cancel each other out. d. indicates balance. e. all of the above
1. The equilibrium price of a good is determined by the intersection of its supply and demand curves. We can know everything about a goods cost of production( that, is we can know its supply exactly) yet still not know where the demand curve will intersect the supply curve