Say's law implies that
A. government regulation is needed to prevent surpluses from becoming a problem.
B. government regulation is needed to prevent shortages from becoming a problem.
C. wages and prices are not flexible.
D. people supply goods and services to the market because they want to consume other goods and services.
Answer: D
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Which of the following is least likely to limit the ability of a firm to minimize production costs?
A) Resistance by labor. B) The fact that the firm is a nonprofit organization. C) An increase in the amount of competition faced by the firm. D) Legislated input combinations for firms in particular industries, e.g, health care.
If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, calculate the arc price elasticity
A) -1.92 B) -1.64 C) -4 D) -2
White-collar jobs guarantee financial security
Indicate whether the statement is true or false
Which of the following does a monopoly control, that a perfectly competitive firm does not control?
a. how much to produce b. technology c. what price to charge d. what inputs to use e. plant size