Income is a stock measure.
Answer the following statement true (T) or false (F)
False
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Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A
A) decreases the supply of good B. B) increases the supply of good B. C) decreases the demand for good B. D) increases the demand for good B.
Which of the following is not a limitation of the Pareto criteria?
a. Almost any policy change will make at least one person worse off. b. The status quo is lent legitimacy from being the starting point for evaluating social welfare. c. The criteria cannot tell us if a particular policy change will make all participants better off. d. The criteria do not allow for the ranking of all possible states of the world.
The supply curve for space on a freeway is perfectly vertical at any given point in time
Indicate whether the statement is true or false
A change in the price of a product will change the supply of that product.
Answer the following statement true (T) or false (F)