The operation of supply and demand should be thought of as a process
A) for establishing consumer sovereignty.
B) for increasing individual liberty.
C) for maximizing social welfare.
D) for maximizing total output.
E) of mutual accommodation.
E
You might also like to view...
Refer to Figure 2-13. Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading pleasure
A) J and M B) K and M C) K and G D) J and G
Which of the following is not equal to the others in equilibrium?
A) the real wage B) the marginal rate of substitution between leisure and consumption C) the marginal product of labor D) the price of consumption
A monopolist always faces a demand curve that is:
a. perfectly inelastic. b. perfectly elastic. c. unit elastic. d. the same as the entire market demand curve.
Consumer equilibrium is a condition in which total utility cannot increase by spending more of a given budget on one good and spending ____ on another good
a. an equal amount b. more c. less d. zero