When the Supply Curve and Demand Curve for a Particular

question 70

Multiple Choice

When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:

• A)total profit earned by producers.
• B)total amount of labour that will be employed in that market.
• C)amount of time it takes to bring together the buyers and sellers of the good.
• D)equilibrium price of the good.

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Definitions:

Patrick Henry

was an American attorney, planter, and orator best known for his declaration to the Second Virginia Convention (1775): "Give me liberty, or give me death!"

Samuel Adams

An American statesman, political philosopher, and one of the Founding Fathers of the United States, known for his role in organizing the Boston Tea Party and in forming the Continental Congress.

Political Institutions

Structures and systems within a society that govern the conduct of public affairs, politics, and policy-making.

James Madison

The fourth president of the United States (1809-1817) who is known as the "Father of the Constitution" for his pivotal role in drafting and promoting the U.S. Constitution and the Bill of Rights.