Answer the following statement(s) true (T) or false (F)
1. If both supply and demand change, the indeterminate variable could remain the same.
2. In a “free market,” a government agency makes decisions about what to produce.
3. Supply and demand are at the foundation of the market system.
4. Market controls provide a way for both buyers and sellers to communicate about the relative value of resources.
1. True
2. False
3. True
4. False
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Refer to the above table. Which country has the lowest increase in per capita real GDP between 2014 and 2015?
A) A B) B C) C D) D
When demand is ________, a decrease in price ________ total revenue
A) elastic; decreases B) inelastic; decreases C) unit elastic; increases D) elastic; does not change
A country is likely to be better off in the long run if it pursues self-sufficiency
Indicate whether the statement is true or false
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. Producer surplus changes by the area [E + F] if price goes from equilibrium to
A. P1. B. P3. C. < P1. D. > P3.