1. at the market equilibrium, quantity demanded is greater than quantity supplied quantity supplied is greater...

Question

Question

1. at the market equilibrium,

quantity demanded is greater than quantity supplied

quantity supplied is greater than quantity demanded

quantity demanded is equal to quantity supplied

quantity demanded determines what quantity supplied will be

2. Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

nothing, because he enjoys playing basketball more than studying.

the increase in skill he obtains from playing basketball for that hour.

the benefit to his grades from studying for an hour

nothing, because he had a free pass into the sports complex to play basketball.

3.

Answer 1

Answer #1

1. quantity demanded is equal to quantity supplied

Explanation: By definition, a market is at equilibrium quantity demanded is equals to the quantity supplied.

2. the benefit to his grades from studying for an hour

Explanation: By definition, opportunity cost is what is given up to do something else.

Answer 2

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