Price is determined
A. mainly by demand.
B. mainly by supply.
C. equally by demand and supply.
D. by neither supply nor demand.
C. equally by demand and supply.
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The diamond-water puzzle, described by Adam Smith, suggests that the consumer’s surplus of water is high and the consumer’s surplus for diamonds is low.
Answer the following statement true (T) or false (F)
Unemployment rises and falls in the same direction as output over the business cycle
a. True b. False Indicate whether the statement is true or false
"Free trade benefits one country at another country's expense." Evaluate this statement using economic analysis
Policies that preclude the deliberate creation of monopoly and undesirable practices are called
A. antitrust policies. B. antimonopoly policies. C. anticompetitive policies. D. socialism.