A modern economy has millions of goods and services whose prices are continually increasing and decreasing based on supply and demand.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. A modern economy has millions of goods and services whose prices are continually increasing and decreasing based on supply and demand.
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Institutions:
A) are mostly outside of human control. B) place constraints on human behavior, and these constraints may not be absolute. C) cannot be changed over time. D) do not affect incentives.
When disposable income is zero, consumption expenditure is
A) also zero. B) negative. C) equal to induced consumption expenditure. D) equal to autonomous consumption. E) None of the above answers is correct.
Assuming that the demand for a good has increased and the supply of a good has decreased by the same amount, then: a. The change in price is determinate but the change in quantity is indeterminate. b. The change in quantity is determinate but the change in price is indeterminate. c. Both the change in price and the change in quantity will be indeterminate
d. Neither the change in price nor the change in quantity will be indeterminate.
In a market, the rationing function of prices results in
A) long waiting lines. B) a price ceiling. C) an equilibrium between supply and demand. D) a shortage or surplus.