Examlex
Suppose demand can be described with the equation Q = 900 - 5P and supply with the equation Q = 100 + 5P.
a.Determine the equilibrium price and quantity.
b.Determine the surplus or shortage if the price were $100.
Cognitive Dissonance
A psychological phenomenon where an individual experiences discomfort or distress from holding two or more contradictory beliefs, values, or ideas simultaneously.
Psychologically Inconsistent
A state or condition where an individual's thoughts, feelings, or behaviors are not in harmony or alignment.
Responsibility
The state or fact of having a duty to deal with something or of having control over someone.
Cognitive Dissonance
A psychological conflict resulting from incongruous beliefs and attitudes held simultaneously.
Q3: The law of diminishing marginal utility states
Q31: The demand for potatoes at current prices
Q43: If the price of one input changes,the
Q69: Use the law of diminishing marginal utility
Q71: If marginal net utility is positive,the consumer
Q75: The economic problem of scarcity<br>A)is unique to
Q86: A tax on cigarettes can be expected
Q89: Few bother to think about what makes
Q97: A point lying inside (under)a production possibilities
Q233: You have invested $1,000 in a stock