The Diagram Above Shows the General Equilibrium Model for X

question 24

Multiple Choice

The diagram above shows the general equilibrium model for X and Y for a small hypothetical economy.Point A in this diagram represents a positions where:

• A)There is an excess supply of good X
• B)There is an excess demand for good X
• C)The economy is at an economically efficient allocation of resources
• D)Maximizing utility

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Definitions:

Postage Due

The fee charged for delivering mail for which sufficient postage has not been prepaid by the sender.

Replenish

The act of refilling or restoring to its original level, often used in reference to inventory or petty cash funds.

Petty Cash Fund

A small amount of cash kept on hand for minor or incidental expenses.

Credit To Cash

An accounting entry that increases the cash balance in a company's books.