Which of the following coordinates the choices of buyers and sellers, bringing quantity demanded and quantity supplied into balance?
a. government mandates
b. the market price
c. taxes and subsidies
d. consumer demand
b. the market price
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Two key properties of indifference curves are that an indifference curve slopes
A) upward and is bowed out from the origin. B) downward and is bowed out from the origin. C) upward and is bowed in toward the origin. D) downward and is bowed in toward the origin.
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing b. there are diseconomies of scale c. average cost is decreasing d. average cost is constant e. marginal cost exceeds average cost
The speculative demand for money relates the quantity of money demanded (or held) to
a. the level of income b. the interest rate c. the price level d. the investment opportunity e. satisfy consumption needs
If the cross elasticity of demand for two goods is positive, then the two goods are substitutes
Indicate whether the statement is true or false