The entire group of buyers and sellers of a particular good or service makes up:
A. the supply curve.
B. a market.
C. the equilibrium price and quantity.
D. the demand curve.
Answer: B
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Refer to Figure 3-4. If the current market price is $25, the market will achieve equilibrium by
A) a price increase, increasing the quantity supplied and decreasing the quantity demanded. B) a price decrease, decreasing the supply and increasing the demand. C) a price increase, increasing the supply and decreasing the demand. D) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.
According to the quantity theory of money, if the money supply grows at 25% and the inflation rate is 20%, the growth in real GDP is
A) 0.8%. B) 1.25%. C) 5%. D) 45%.
A situation in which the long-run average total cost of production falls as the quantity of output increases is called increasing returns to scale
a. True b. False Indicate whether the statement is true or false
What does it mean to have an absolute advantage in the production of two goods?
What will be an ideal response?