If the market is unable to allocate resources then
A) there is market failure.
B) there is rent-seeking.
C) there are no free-riders.
D) none of these choices.
A
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The lower the price of the good measured on the vertical axis, other thing remaining the same, the flatter the budget line
Indicate whether the statement is true or false
A nearly vertical aggregate supply curve occurs
A. when the economy is producing close to the maximum output level. B. whenever an economy is in a recession. C. in an economy with considerable cyclical unemployment. D. in an economy with much idle capacity.
Keynesians believe the economy can be managed using monetary and fiscal policy.
Answer the following statement true (T) or false (F)
Price discrimination works best when
A. Buyers have information about prices charged to different customers. B. Sellers cannot meet collectively. C. A product is purchased frequently by consumers. D. Buyers do not have perfect information about the price.