Without more information, the supply and demand model cannot predict the effect on price of:
A. a simultaneous decrease in quantity demanded and increase in quantity supplied.
B. a simultaneous decrease in demand and increase in supply.
C. a simultaneous increase in demand and increase in supply.
D. a simultaneous increase in demand and decrease in supply.
C. a simultaneous increase in demand and increase in supply.
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The patent system is intended to: a. prevent natural monopolies from unfairly exploiting their cost advantages. b. reward innovators by granting them temporary monopolies
c. spread information among firms as quickly and economically as possible. d. give small businesses a competitive edge over larger businesses.
Which of the following statements is true?
a. Land is a natural-state resource. b. The quantity of land in planet earth can be varied. c. Harvested trees are considered to be land. d. Minerals and metals are not land resources. e. The oceans are not considered to be land.
The monetary stimulus enacted in the fall of 2001 provides support for those economists who favor
a. stable money supply growth. b. activist monetary policy. c. rules-governed monetary policy. d. fixed rates of growth for the money supply.
"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.". This statement
a. represents an unconventional view of the production process. b. is an assertion that capital is subject to increasing returns. c. is made under the assumption that the quantities of human capital, natural resources, and technology are being held constant. d. All of the above are correct.