Market failure occurs when not every consumer who wants a good can obtain it.
Answer the following statement true (T) or false (F)
False
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When allocating resources using market price
A) everyone who is willing and able to pay for a good gets one. B) everyone who wants a good gets one. C) everyone who is willing to pay for a good gets one. D) everyone who is able to pay for a good gets one.
The basic aggregate demand and aggregate supply curve model helps explain ________ fluctuations in real GDP and the price level
A) long-term B) unrelated C) both short-term and long-term D) short-term
An example of entitlement spending is:
A. national defense. B. Social Security. C. police protection. D. garbage collection.
The short-run aggregate supply curve is drawn with: a. the price level on the vertical axis and real GDP on the horizontal axis
b. the price level on the vertical axis and nominal GDP on the horizontal axis. c. nominal GDP on the vertical axis and real GDP on the horizontal axis. d. real GDP on the horizontal axis and the rate of unemployment on the vertical axis.