The United States is an example of a mixed economy.
Answer the following statement true (T) or false (F)
True
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Demand in the apricot market can be expressed as P=100-Q. Further, the supply function in the apricot industry is P=10+Q. If a social planner specifies that 30 units be produced, is that level of production efficient? Can you propose a more efficient level of production? Explain why your proposed level is better than that of the social planner.
What will be an ideal response?
A change in the money wage rate shifts
A) both the SAS and LAS curves. B) the LAS curve but not the SAS curve. C) the SAS curve but not the LAS curve. D) neither the SAS nor the LAS curve.
The government can help solve the information asymmetry problem by:
A. providing the missing information to the less-informed party. B. finding ways to make the same amount of information known to both parties. C. requiring the more informed party to reveal the missing information. D. All of these statements are true.
What appears to have been one of the major causes of the Asian financial crisis?
What will be an ideal response?