If there are no unexploited opportunities for individuals in a particular market, then one can conclude that:
A. the market is in equilibrium.
B. the market is not in equilibrium.
C. government regulation has been successful.
D. a socially optimal outcome has been achieved.
Answer: A
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If the net public debt expanded last year, then which of the following most likely occurred during the year?
A) The government's budget was balanced. B) The government's tax collections exceeded its spending. C) The government experienced a budget surplus. D) The government experienced a budget deficit.
What is the main difference between the type of money that was used before the invention of the printing press and today?
What will be an ideal response?
If the price of one good increases, and as a result the demand for another good increases, the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods.
When a football manufacturer prices its footballs at $120 each, it has 10 footballs in stock at any given time. However, when the footballs are priced at $144 each, the manufacturer is left with 16 footballs in stock at any given time. What is the price elasticity of supply of the football?
a. 2.54 b. 0.39 c. 2.43 d. 0.45