The basic problem that a market system handles is achieving cooperation and plan coordination among people despite
What will be an ideal response?
massive ignorance.
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If the demand and supply curves for a commodity both shift to the left by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a higher price quantity. B) the same price and a higher quantity. C) the same price and a lower quantity. D) a lower price and a higher quantity.
Emma is a road construction worker. During the winter months, Emma finds it more difficult to get work. The unemployment Emma experiences in the winter is
A) seasonal. B) cyclical. C) functional. D) structural.
Using the midpoints formula, what would be price elasticity of demand for a gallbladder operation if the number of operations fell from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?
a. 0.25. b. 0.50. c. 0.80. d. 1.25
An open-market sale of securities by the Fed results in ________ in reserves and ________ in the supply of money.
A. an increase; a decrease B. a decrease; an increase C. an increase; an increase D. a decrease; a decrease