______ adjust(s) when supply and demand change.
a. Prices
b. Taxes
c. Government regulations
d. Technology
a. Prices
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The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The exam system thus allows the ABA to act like a
a. monopsony. b. union that can restrict the supply of lawyers. c. union that can increase the number of lawyers. d. None of the above is correct.
New Keynesian theorists argue that
A) price and wage adjustments in response to policy changes often overcompensate and cause further price disruptions. B) prices and wages may not be free to adjust in response to policy changes. C) unions and big business have considerable power and often choose not to change wages and prices so as to deliberately offset policy changes enacted by the government. D) the Fed and the Congress rarely do what they say they will do, so one should never listen to what they say. E) new classical rational expectations theories about how expectations are formed are completely wrong.
Which of the following statements is true?
A. The use of 2SLS is applicable to simultaneous equations model with at most two equations. B. Identification of simultaneous equations with three or more equations is based on matrix algebra. C. 2SLS method used in the estimation of simultaneous equations is an example of a system estimation method. D. The maximum number of equations permissible for a simultaneous equations model is four.
The essence of market power is the ability to alter the price of a product.
Answer the following statement true (T) or false (F)