At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay.
B) the federal government will provide the product to anyone who cannot afford it.
C) not all sellers who are willing to accept the price will find buyers for their products.
D) any buyer who is willing and able to pay the price will find a seller for the product.
Answer: D
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A common characteristic of oligopolies is:
a. independent pricing decisions. b. interdependence in pricing decisions. c. few or no plant-level economies of scale. d. low industry concentration.
Negative externalities: Usually caused by __________________________.
Fill in the blank(s) with the appropriate word(s).
If there are only two goods in the economy, one whose price rises by 3 percent and one by 5 percent, it is possible that inflation is:
A. 4 percent. B. 5 percent. C. 3 percent. D. 7 percent.
The Keynesian cause-and-effect sequence predicts that an increase in the money supply will cause interest rates to:
A. fall, boosting investment and shifting the AD curve rightward, leading to an increase in real GDP. B. fall, cutting investment and shifting the AD curve leftward, leading to a decrease in real GDP. C. rise, cutting investment and shifting the AD curve rightward, leading to an increase in real GDP. D. rise, boosting investment and shifting the AD curve rightward, leading to an increase in real GDP.