Disequilibrium occurs due to the absence of government intervention in certain markets
Indicate whether the statement is true false.
Answer: False.
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In the United States, do the poorest 20 percent of the households receive more or less than 5 percent of total income?
What will be an ideal response?
Being penalized via taxes for making more money in dollars even though your purchasing power hasn't changed at all is called:
A. tax distortion. B. shoe-leather costs. C. menu costs. D. the velocity of inflation.
If the supply curve is perfectly elastic, then an increase in demand will: a. increase both the price and the quantity exchanged
b. increase the price but result in no change in the quantity exchanged. c. increase the quantity exchanged but result in no change in the price. d. decrease the price but not change the quantity exchanged.
Thinks about your own purchases. Consumer surplus
a. exists only rarely b. exists on every purchase that a consumer makes c. never exists—it's only a theoretical concept d. is received only if a good generates a utility higher than expected e. is earned on many of the purchases a consumer makes