In a competitive market free of government regulation,
A. price adjusts until quantity demanded is less than quantity supplied.
B. supply adjusts to meet demand at every price.
C. price adjusts until quantity demanded is greater than quantity supplied.
D. price adjusts until quantity demanded equals quantity supplied.
D. price adjusts until quantity demanded equals quantity supplied.
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How does a consumer's budget set differ from his budget constraint? For a consumer with a given level of income, will the budget set have more combinations of goods or will the number of combinations be higher for the budget constraint?
What will be an ideal response?
Which of the following ideas were central to the conclusions drawn by Thomas Malthus in his 1798 "Essay on the Principle of Population"?
A) Short-run time period B) Shortage of labor C) Law of diminishing resource availability D) Law of diminishing returns
The production possibilities frontier has a tendency to bow outward from the origin
a. True b. False Indicate whether the statement is true or false
When estimating a cubic short-run production function Q = AL3 + BL2 using linear regression analysis, you must
A. convert the right-hand-side variables to logarithms. B. suppress the intercept term (regress through the origin). C. transform the equation into linear form by defining L3 and L2 as L3 and L2, respectively. D. both a and b E. both b and c