Supply and demand together determine the price and quantity of a good sold in a market
a. True
b. False
Indicate whether the statement is true or false
True
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When income increases by 6 percent, the demand for potatoes decreases by 2 percent. The income elasticity of demand for potatoes equals
A) -2.00. B) 3.00. C) -3.00. D) 0.33. E) -0.33.
Why can a monopoly earn economic profits in the long run?
Social demand equals market demand minus externalities when there are external benefits.
Answer the following statement true (T) or false (F)
College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed
macaroni and cheese are: A. inferior goods. B. normal goods. C. complementary goods. D. substitute goods.