Changes in demand will often be met with changes in output rather than changes in prices because of formal and informal contracts
Indicate whether the statement is true or false
TRUE
You might also like to view...
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.
A perfectly competitive producer's demand curve is:
a. a horizontal line. b. also the market-demand curve. c. downward sloping but more elastic than the market-demand curve. d. a vertical line. e. upward sloping.
The real costs of inflation to society include:
A. lost purchasing power of income. B. an increase in the general level of prices. C. interference with long-term planning. D. higher relative prices.