If price were $6, there would be a (shortage or surplus) _____ of _____.
shortage; 50
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An appreciating currency is always a sign of economic health
a. True b. False
Restaurants' demand for cooks and waiters is inseparably linked to the supply of __________
Fill in the blank(s) with correct word
The model predicting victory in a two-person race for the candidate closer to occupying the center of the voter distribution is built on the assumption that
A) people always vote for the Democratic candidate if they are Democrats and for the Republican candidate if they are Republicans. B) people vote for the candidate who comes closer to matching their own views. C) most people don't vote unless the election is predicted to be close. D) none of the above
Why is the perfect competition model unrealistic?
A. The model assumes that market structures are dynamic. B. Monopoly is more prevalent in the economy than is perfect competition. C. Homogeneous products are numerous in the economy. D. Self-seeking individuals actively seek out ways to limit competition to increase personal gains.