A market-determined price
A. is determined by the manager of a firm.
B. is an endogenous variable
C. is determined by the intersection of demand and supply curves.
D. both a and b
E. both b and c
Answer: E
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In reference to industrial policy, networks of interdependent firms, universities, and businesses that focus on production of a specific type of good are called:
A. bundles. B. clusters. C. vertical industries. D. integrated industries.
The lag between the time at which a policy is put in place and the time that policy affects the economy is called
A) the recognition lag. B) the impact lag. C) the implementation lag. D) the theoretical lag.
The economic functions of the government deal with
A. making sure supply equal demand. B. excess demand. C. promoting economic efficiency. D. discouraging smoking in youths.
Which of the following will cause an inward shift of the investment function?
A. an increase in business taxes B. business people becoming optimistic about the future C. a decrease in the interest rate D. innovation that improves production efficiency at every level of output