The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets describes:
A. socialism.
B. communism.
C. consumer sovereignty.
D. the aspirations of Karl Marx.
Answer: C
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Refer to Figure 3-2. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
In the classical model, an increasing demand for labor will
a. cause an expansion with higher employment and a higher real wage. b. cause a shortage of labor because the labor market always clears. c. cause a recession with lower employment and a lower real wage. d. cause a recession because wages are fixed in the short run. e. cause an expansion with lower employment and a higher real wage.
The height of the market supply curve
a. at any quantity shows the value -- to someone -- of the last unit of the good consumed b. at any quantity shows the cost -- to someone -- of purchasing the last unit of the good c. at any quantity shows the marginal cost of producing the last unit of a good d. shows the market value of a good or service e. measures the size of the side payment necessary to achieve a Pareto improvement
When the price of a good increases, the quantity demanded of loanable funds ______. When the interest rate increases, the quantity demanded of loanable funds ______. When the interest rate increases, the quantity supplied of loanable funds ______
a. decreases, decreases, decreases b. increases, decreases, decreases c. increases, decreases, increases d. decreases, increases, increases e. increases, increases, increases