Which economic theory argues that changes in velocity are predictable and the crowding-out effect is substantial?
a. Classical theory.
b. Keynesian theory.
c. Monetarist theory.
d. Marxist theory.
c
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You consume only steak and lobster. Your income effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster
Indicate whether the statement is true or false
Consumer surplus is
a. the difference between the price of the good and the cost to produce the good. b, the sum of what consumers are willing to pay and the price of the good. c. the difference between what consumers are willing to pay and the price of the good. d. the difference between the cost to produce the good and the amount consumers are willing to pay for the good.
An exclusive supply contract is a contract between a firm and its input suppliers that requires the suppliers to sell only to that firm, not anyone else.
Answer the following statement true (T) or false (F)
When quantity supplied is greater than quantity demanded, market price is _______ the equilibrium price.
Fill in the blank(s) with the appropriate word(s).