Once an equilibrium is achieved, it can persist indefinitely because
A) shocks that shift the demand curve or the supply curve cannot occur.
B) shocks to the demand curve are always exactly offset by shocks to the supply curve.
C) the government never intervenes in markets at equilibrium.
D) in the absence of supply/demand shocks no one applies pressure to change the price.
D
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One of the main sources of comparative advantage is natural resources
Indicate whether the statement is true or false
Of the new drugs introduced in the United States between 1940 and 1990, what percentage were discovered by U.S. firms?
a. 15. b. 30. c. 45. d. 60 e. 75
There may be other goals an entrepreneur pursues, but the primary goal of the entrepreneur is to maximize
a. market share b. production c. the difference between price and cost d. profit e. size of the firm's plant
Under the old Soviet version of communism in the U.S.S.R., the questions of 'What?', 'How?', and 'For whom?' were answered by
A. a democratically elected congress called the Duma. B. the law of supply and demand. C. the decisions of hundreds of millions of individual consumers. D. a government planning committee.