What is the determining factor of the market mechanism?
A.) The price of the good.
B.) The government.
C.) The presence of foreigners.
D.) None of the above is true.
A.) The price of the good.
You might also like to view...
A reduction in the ratio of the money supply to GDP is
a. financial deepening b. inflation c. financial repression d. real interest rate e. none of the above
Yield
What will be an ideal response?
Use the table below to answer the next question for a perfectly competitive firm. OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172The market price of the product in the short run is
A. $40. B. $160. C. $80. D. $120.
Suppose a decrease of 7% in the price of lobster increases the consumption of lobster by 18%. Such a price decrease will induce households to spend
A. less of their income on lobster. B. less on products that are complementary with lobster. C. more of their income on lobster. D. the same amount on lobster as before.