Cartels are unstable and will tend to fall apart due to cheating on the agreement.
Answer the following statement true (T) or false (F)
True
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Based on the data in the table above, in the adjustment towards the long-run equilibrium
A) money wage rates will rise. B) the aggregate demand curve will shift leftward. C) the short-run aggregate supply curve will shift leftward. D) the short-run aggregate supply curve will shift rightward.
When collective decision making is utilized to resolve economic questions regarding the allocation of resources, then: a. everyone will receive an equal share of the output produced
b. the preferences of individuals are of no importance. c. economic efficiency will be assured. d. the role of markets will be replaced by political decision making.
Economists use a model that is a literal description of business' behavior
a. True b. False Indicate whether the statement is true or false
The amount of a product that is produced is most directly affected by
A. labor unions. B. product utility. C. product value. D. consumer demand