Inequality
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
What inequality indicates complements using cross-price elasticity
E
x
y
E_{xy}
E
x
y
?
QUESTION
What inequality must hold for a firm to produce in the short run at price
P
P
P
?
QUESTION
Identify the market outcome if
P
∗
=
10
P^* = 10
P
∗
=
10
and the actual price is
P
=
12
P = 12
P
=
12
.
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ANSWER
Surplus.
P
=
12
>
P
∗
=
10
P = 12 > P^* = 10
P
=
12
>
P
∗
=
10
creates excess supply.
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