The price of a seller's product in perfect competition is determined by
A) the individual seller. B) the individual demander.
C) market demand and market supply. D) a few of the sellers.
C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
With a price floor:
A. producer surplus will increase if profits increase. B. producer surplus will increase is profits fall. C. producer surplus will decrease if profits increase. D. producer surplus always decreases.
Economists believe that people's wants are
a. limited by their incomes b. insatiable c. scarce d. mostly irrational e. mostly psychological
Explain the "too big to fail" doctrine