Which of the following is false?
a. Market prices signal the relative availability of products to buyers
b. Market prices signal the relative value consumers place on products to sellers.
c. The information and incentives offered by market price adjustments provide the "invisible hand" toward socially desirable cooperation between consumers and producers.
d. None of the above are false; all are true.
d
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In the classical model, real Gross Domestic Product (GDP) per year is
A) determined by supply and demand conditions together. B) supply determined. C) demand determined. D) due to supply conditions plus the extent of government intervention in the economy.
Which of the following pairs of goods would be expected to have a positive cross-price elasticity of demand?
A) coffee and tea. B) gasoline and large SUVs. C) tennis racquets and tennis balls. D) hot dogs and hot dog buns.
If marginal cost is below average total cost, then average total cost
a. is constant. b. is falling. c. is rising. d. may rise or fall depending on the size of fixed costs.
Part-time workers are
What will be an ideal response?