The condition where firms do not want to sell as many as consumers want to buy is called
A. a market collapse.
B. a surplus.
C. an equilibrium.
D. a shortage.
Answer: D
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In perfect competition, there are differences in the products sold by various firms.
Answer the following statement true (T) or false (F)
The Jones family has always been in the business of manufacturing and selling automobile tires. Usually the profit they earn is reinvested in the business. This year Seth, the youngest son, wants to invest the profit into starting a candy company. If Seth is a shrewd businessman, what does his suggestion indicate?
The price index was 170 in the first year, 180 in the second year, and 195 in the third year. The inflation rate was about
a. 5.6 percent between the first and second years, and 7.7 percent between the second and third years. b. 5.9 percent between the first and second years, and 8.3 percent between the second and third years. c. 10 percent between the first and second years, and 15 percent between the second and third years. d. 80 percent between the first and second years, and 95 percent between the second and third years.
Opportunity costs arise due to scarce resources.
Answer the following statement true (T) or false (F)