The average product when eight workers are employed
29) Refer to the table shown. The average product when eight workers are employed is _______.
30) A Wall Street Journal headline reads: “Cigar Shortage Draws New Brands into Market.”
The shortage resulted from a renewed interest in smoking cigars. What best describes the
facts behind the headline?
a) The cigar market is in equilibrium.
b) A shift in supply has equilibrated supply and demand.
c) Price is too low, demand exceeds supply.
d) Price is too low, quantity demanded exceeds quantity supplied.
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