QUESTION 7A market will experience awhen the price is below equilibrium and a when the price is above equilibrium.O a. surplus, surplusO b. shortage, surplusO . shortage, shortageO d. surplus, shortageQUESTION 8A ticket to a basketball game costs $55. If you have the ticket, you can "scalp" it (sell it illegally) for $80. To the ticket holder, the ticket holder, the opportunity cost of actually attending the game isO a. $25.O b. $55.O c. $80.O d. $135.QUESTION 9Market failure implies that the market mechanismO a. leads to government failureO b. leads the economy to a point outside the production possibilities curve.O C. causes shortages or surpluses in the market.O d. leads the economy to the wrong mix of output.

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QUESTION 7 A market will experience a when the price is below equilibrium and a _when the price is above equilibrium. O a. surplus, surplus O b. shortage, surplus O. shortage, shortage d. surplus, shortage

QUESTION 7 A market will experience a when the price is below equilibrium and a _when the price is above equilibrium. O a. surplus, surplus O b. shortage, surplus O. shortage, shortage d. surplus, shortage

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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