Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as
A) the law of demand.
B) the law of supply.
C) ceteris paribus.
D) equilibrium.
B
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A financial asset is considered ________ if it can be sold in a secondary market
A) durable B) a security C) a liability D) a commodity
Describe the market process that should occur if the price of a product is below its equilibrium price; now describe what would occur if the price is above its equilibrium price, assuming no market interference
What will be an ideal response?
Inflation is harmful to society because it often
a. causes consumers' purchasing power to decline b. causes sellers' costs to increase c. causes nominal wages to fall d. causes purchasing power to be redistributed in haphazard ways e. has no effect at all on anyone's purchasing power
Two variables that have a positive correlation move in the same direction
a. True b. False Indicate whether the statement is true or false