The "coincidene of wants" problem associated with barter refers to the fact that
What will be an ideal response?
for exchange to occur each transactor must have a product which the other transactor wants
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Why does the short-run aggregate supply curve shift to the right in the long run, following a decrease in aggregate demand?
A) Workers and firms adjust their expectations of wages and prices upward and they push for higher wages and prices. B) Workers and firms adjust their expectations of wages and prices upward and they accept lower wages and prices. C) Workers and firms adjust their expectations of wages and prices downward and they accept lower wages and prices. D) Workers and firms adjust their expectations of wages and prices downward and they push for higher wages and prices.
Greatest availability of a service to those who need it least is called
a. market system b. public provision c. adverse selection d. non-exclusion e. none of the above
Andi uses all of her income to purchase books and games. At any two points A and B on Andi's budget constraint,
a. Andi is spending all of her income on books and games. b. Andi is spending one half of her income on books and the other half of her income on games. c. the price of books relative to the price of games is different. d. All of the above are correct.
An increase in supply causes a temporary surplus at the old equilibrium price.
a. true b. false