Excess demand in an unregulated market will cause the price of a product to fall
Indicate whether the statement is true or false
FALSE
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(I) Positive economics cannot determine how much income inequality should be present in a country. (II) Critics of government action to reduce income inequality argue that modifying the market process of income determination may create perverse incentives and hurt wealth creation
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
According to behavioral economics, the difficulty among many people to stick to a diet or an exercise plan is partly explained by:
A. Myopia B. Mental accounting C. Anchoring D. Framing
Which of the following is true of a typical firm in a monopolistically competitive industry?
A) All firms have identical cost structures. B) Product differentiation allows a successful firm to emerge as a market leader in the industry. C) Each firm acts independently. D) The more successful firms have an incentive to merge in order to exert greater market power.
Who said, "The whole of science is nothing more than the refinement of everyday thinking"?
a. Isaac Newton b. Albert Einstein c. Adam Smith d. Benjamin Franklin