Response lags
A. Reduce short-term price instability.
B. Increase the long-term downward trend in farm prices.
C. Slow the long-term downward trend in farm prices.
D. Increase short-term price instability.
Answer: D
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When a firm is a price taker, changes in its sales quantity have ______ effect on the price it can charge.
A. a positive B. a negative C. no D. little
Government purchases include spending on goods and services by
a. the federal government only. b. state and federal governments only. c. local, state and federal governments. d. local, state and federal governments, as well household spending by employees of those governments.
A behavioral economist is asked to sum up her criticism of the traditional model of consumer theory in a single word. Which of the following words would she most likely choose?
a. foolish b. illogical c. oversimplified d. useless
Explain how the "invisible hand" makes sure that markets reach equilibrium more quickly than they would if the government sets prices for goods.
What will be an ideal response?