The explanation for the law of demand begins with
a. a small number of wants satisfied by scarce resources
b. finite wants satisfied by infinite resources
c. unlimited wants confronting scarce resources
d. unlimited wants matching up with unlimited resources
e. prices acting as signals to existing and potential suppliers
C
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All of the following are examples of barriers to entry, except one. Which is the exception?
a. significant economies of scale b. reputation of established firms c. special deals with distributors d. excessive prices e. patents
An increase in the demand for loanable funds increases the equilibrium interest rate and increases the equilibrium level of saving
a. True b. False Indicate whether the statement is true or false
Evidence from a study of the market for baseball players using 1960s data
a. indicated that sports with strong player associations are unlikely to experience wage discrimination. b. suggested that government regulation had eliminated most evidence of wage discrimination. c. found some evidence of consumer-driven wage discrimination. d. found that measurement of marginal productivity was very difficult for baseball players.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.