In a market, the rationing function of prices results in
A. long waiting lines.
B. a shortage or surplus.
C. a price ceiling.
D. an equilibrium between supply and demand.
Answer: D
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Total government revenues in the United States are about _____ percent of GDP
a. 25 b. 17 c. 45 d. 30
In the short run, the price level
a. will decrease if unit costs and markups both increase throughout the economy b. will remain stable if unit costs increase throughout the economy c. is unimportant in macroeconomics d. will increase if unit costs increase throughout the economy e. is determined by the Fed
A positive level of net exports contributes directly to
a. demand in the resources market. b. supply in the loanable funds market. c. demand in the loanable funds market. d. demand in the goods and services market.
The equilibrium of supply and demand in a market maximizes the total benefits to buyers and sellers of participating in that market
a. True b. False Indicate whether the statement is true or false