In a freely operating market system, queuing is most likely to occur when
A) selling necessities.
B) the market clearing price increases.
C) demand fluctuates unpredictably and quickly.
D) demand increases gradually over time.
C
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Homogeneous goods are ________
A) perfect complements B) perfect substitutes C) similar but not identical D) always inferior
An increase in the consumption of a good resulting from a reduction in price that makes the good cheaper in relation to other goods is called the
a. substitution effect. b. income effect. c. real balance effect. d. inelasticity effect.
When a market is in disequilibrium consumers and producers change their behavior. As a result the market reaches equilibrium
Indicate whether the statement is true or false
A simple economy is characterised by the following equations: Ct = 200 + 0.5Y, It 3(Y - Y-1) and Yo Solve the difference equation. Hence, describe the time path. Will the system stabilize?