A surplus exists when there is excess demand in a market.
Answer the following statement true (T) or false (F)
False
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An example of a price shock is ________
A) an increase in wages as a result of higher expected inflation B) the arrival of immigrants seeking employment C) the decline in autonomous spending that results from rising unemployment D) all of the above E) none of the above
Economics alone cannot determine the best way to balance the goals of efficiency and equity
a. True b. False Indicate whether the statement is true or false
A competitive firm maximizes its profit by producing output up to the point at which price is equal to ______
Fill in the blank(s) with correct word
The number of people that are laid off in a month is
A. a stock. B. a flow. C. both a stock and a flow. D. neither a stock nor a flow.