When a market is in disequilibrium, such as when the quantity supplied of a good is greater than the quantity demanded of that good, the price of the good will rise, ceteris paribus
Indicate whether the statement is true or false
False
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Economics is generally concerned with
A. the operation of banks and the stock market. B. business management. C. how resources are allocated among alternative goals. D. the right time to start a business.
The aggregate demand curve will shift to the right ________ the initial decrease in taxes
A) by less than B) by more than C) by the same amount as D) sometimes by more than and other times by less than
A legal system that provides secure private property rights and unbiased enforcement of contracts
a. is unnecessary for the smooth operation of markets. b. reduces the efficiency of markets. c. enhances the efficiency of markets. d. makes it easier for sellers to cheat or defraud consumers.
(Appendix) A daily production function for calculators is Q = 12L2 - L3. Show all your work for the following questions.a) What is the marginal product equation for labor?b) What is the APL function?
What will be an ideal response?