The Following Figures Show the Demand (D) and Supply (S)

question 8

Multiple Choice

The following figures show the demand (D) and supply (S) curves of micro and macro economists. Figure 15.7
- In Figure 15.7,assume that micro- and macroeconomists must be paid the same because of comparable-worth laws.If the wage is $12,then:

• A)there is a shortage of macroeconomists and a surplus of microeconomists.
• B)there is a shortage of microeconomists and a surplus of macroeconomists.
• C)there is a shortage of both macroeconomists and microeconomists.
• D)there is a surplus of both macroeconomists and microeconomists.
• E)the labor market for economists as a whole is in equilibrium.

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Definitions:

Cable Subscriptions

A service model where consumers pay a regular fee to access a bundled set of television channels and programs.

Profit-Maximizing Output

The level of production at which a company can achieve the highest level of profit based on its costs and the market price.

Profit-Maximizing Price

The price at which a company can sell its product or service to maximize its profit, considering demand and cost.

Demand Curve

A graph that shows the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.