The Following Graph Shows the Supply of and Demand for Baseballs

question 128

Multiple Choice

The following graph shows the supply of and demand for baseballs in the United States.If the world price is $3 per baseball,then _____ baseballs are imported.

• A)4,000
• B)6,000
• C)8,000
• D)10,000
• E)12,000

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Definitions:

Keynesians

Followers and theorists of Keynesian economics, which emphasizes the need for government intervention in economies to manage output and demand through fiscal and monetary policies.

Classical School

A school of economic thought that emphasizes the importance of free markets, competition, and the self-regulating nature of economies.

Monetarists

Economists convinced that fluctuations in the money supply play a crucial role in influencing short-term national output and affect price levels over the long term.

Balancing the Budget

The process of adjusting income and expenditure so that they equal each other, resulting in no deficit or surplus.