When supply is fixed, price is supply determined.
Answer the following statement true (T) or false (F)
False
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Which of the following is true of the model of perfect competition?
a. There is a high degree of product differentiation. b. Consumers do not have adequate information concerning the prices and quality of products in the market. c. There are significant barriers to entry and exit. d. There are only a few, large firms in the market. e. An individual firm cannot affect the market price.
Volatility
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. The law of demand and the law of diminishing marginal utility are related. 2. Most economists find it acceptable to make utility comparisons between different people. 3. The income effect occurs when people value their personal property above the property of others. 4. The law of diminishing marginal utility explains why price and quantity demanded have a negative relationship. 5. Economists measure utility in utils.
________ is/are the payments that people may receive when they lose their job.
A. Unemployment insurance B. Food stamps C. Social security D. Salaries