If a market is NOT in equilibrium, then which of the following is likely to occur?
A) The demand curve will shift to bring the market to equilibrium.
B) The supply curve will shift to bring the market to equilibrium.
C) The price will adjust to bring the market to equilibrium.
D) Both A and B are correct.
C
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Which of the following is the national security argument against free trade?
A) A country must protect firms from dumping by foreign companies. B) A country must protect new industries to give them a chance to mature before facing foreign competition. C) A country must protect its consumers from foreign influences. D) A country must protect industries that produce defense equipment and armaments. E) A country must preserve its jobs.
Which of the following is not an interpretation of the "beauty premium"?
a. Beautiful workers are not willing to work for lower wages. b. Good looks are a type of innate ability causing the worker to be more valuable to the firm. c. The beauty premium is a type of discrimination. d. Beauty is an indirect measure of other types of ability.
If the price that a perfect competitor receives for her final product rises by 50%, the firm's MRP schedule will shift to the __________.
Fill in the blank(s) with the appropriate word(s).
Economic activity moves from a period of recession to a ________ and then moves into a period of ________ until it reaches a ________.
A. trough; expansion; peak B. trough; recession; peak C. peak; expansion; trough D. peak; recession; trough