In markets, prices move toward equilibrium because of
a. the actions of buyers and sellers
b. government regulations placed on market participants.
c. increased competition among sellers.
d. buyers' ability to affect market outcomes.
a
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It is absolutely necessary for at least one trader to have money for barter exchange to take place
a. True b. False Indicate whether the statement is true or false
If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand
a. will also be -0.3. b. depends on how large a crop the farmer produces. c. will range between -0.3 and -1.0. d. will be infinite.
__________ sees the entrepreneur as an exploiter of labor.
A. Joseph Schumpeter B. Frank Knight C. Henry George D. Karl Marx
The majority of economists believe that the Consumer Price Index
A. understates the increase in the cost of living. B. precisely measures the increase in the cost of living. C. overstates the increase in the cost of living. D. overstates the increase in the cost of living in some years and understates it in others.