A market is an institution that brings together:
a. all the sellers in an economy selling the same product.
b. the government and buyers
c. the government and firms.
d. the buyers and sellers of goods and services.
d
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Refer to Figure 3-5. At a price of $0
A) there is a shortage of 8 units. B) there is a shortage of 0 units. C) there is a surplus of 8 units. D) there is a surplus of 0 units.
The government is pursuing an expansionary fiscal policy if it
a. decreases government spending and increases taxes. b. increases government spending or increases taxes. c. decreases government spending or reduces taxes. d. increases government spending and/or reduces taxes.
Rent controls tend to _____ the housing supply and to _____ the rents that people in non-rent-controlled apartments pay.
Fill in the blank(s) with the appropriate word(s).
A chewing gum manufacturer adds a jalapeño-flavored bubble gum to its product mix. This is an example of horizontal differentiation.
Answer the following statement true (T) or false (F)