If the Supply and Demand Curves Intersect at a Price

question 243

Multiple Choice

If the supply and demand curves intersect at a price of $14,then any price below that would result in:

• A)a shortage.
• B)a surplus.
• C)equilibrium.
• D)an increase in demand.

Grasp the concept of cost-minimization for firms using multiple inputs.

Learn the rule for employing inputs in a manner that the marginal product per dollar spent on each is equalized across all inputs.

Analyze how changes in input prices influence firm decisions regarding the mix of inputs used in production.

Understand the implications of technological changes on the demand for different types of labor and capital.

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Definitions:

Unreasonable Customers

Customers who have impractical or excessive demands or complaints, often difficult to satisfy.

Angry Customers

Individuals who express dissatisfaction or frustration towards a service or product, often seeking resolution or compensation.

Rewarding Customers

The practice of offering benefits, discounts, or other incentives to customers as a form of appreciation and encouragement for their loyalty.

Complain

To express dissatisfaction, discomfort, or unhappiness about a situation or occurrence, often with the desire for a resolution or change.