In the supply and demand model, prices
a. are controlled by the government.
b. show equilibrium.
c. are signals about the value and availability of the good.
d. are the cost of production.
c. are signals about the value and availability of the good.
You might also like to view...
Since income tax revenues will rise (fall) as expenditures and output increase (decrease) the income tax results in
A) a reduction in the multiplier effect on GDP of autonomous expenditures. B) automatic stabilization of GDP. C) A and B. D) None of the above.
What percentage of the U.S. adult population has at least a high school education (as of 2012)?
A. 31 percent. B. 41 percent. C. 88 percent. D. 95 percent.
Which of the following is a deficit item on the balance of payments?
A. exports of merchandise B. purchases of foreign assets C. foreign tourist dollars spent domestically D. sales of gold to foreigners
The ordering of market structures from most market power to least market power (where market power is the ability to set its own price) is:
a. monopoly, monopolistic competition, oligopoly, perfect competition. b. perfect competition, monopolistic competition, oligopoly, monopoly. c. oligopoly, monopoly, monopolistic competition, perfect competition. d. monopoly, oligopoly, monopolistic competition, perfect competition. e. monopoly, perfect competition, monopolistic competition, oligopoly.