Decisions about what to buy and what to sell in the United States are determined primarily by which of the following?
a. Laws of supply and demand
b. Projected business profit
c. Market price
d. Demand curve.
Answer: a. Laws of supply and demand
You might also like to view...
As a result of firms leaving an industry, we would expect that: a. economic profits are positive
b. as a result, economic losses are falling. c. as a result, economic losses are rising. d. both (a) and (b) are true.
Which of the following is not a macroeconomic issue?
a) Unemployment b) Inflation c) The wages paid to footballers d) Economic growth
In a simple majority vote on a public project,
A) the project will never be undertaken if the costs exceed the benefits. B) the project may be undertaken even though the total costs exceed the total benefits. C) the intensity of individual preferences is taken into account. D) the project will always be undertaken if the total benefits exceed the total costs.
You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What steps would you take to reach equilibrium?
What will be an ideal response?