In centrally planned economies, most prices are not
a. established by central planners
b. inflexible
c. set below the market-clearing level
d. based on consumer demand
e. the cause of shortages of supply
D
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Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sue does not price discriminate. For Sue's Surfboards, the change in total revenue from each additional surfboard rented is her
A) marginal revenue and is equal to the rental price of a surfboard. B) marginal cost and is greater than the rental price of a surfboard. C) marginal revenue and is less than the rental price of a surfboard. D) marginal cost and is constant regardless of how many surfboards are rented.
The slope of the utility possibilities frontier is
A) positive. B) negative. C) zero. D) undefined.
Suppose you are given the following demand curves: Q = 32 - P and Q = 16 - (P/2). Add these two demand curves vertically and find the market demand curve.
What will be an ideal response?
An increase in the market interest rate will _____
Fill in the blank(s) with the appropriate word(s).