Long-run equilibrium in the goods and services market requires that
a. aggregate supply equals aggregate demand and that decision makers correctly anticipate the level of prices.
b. the unemployment rate is zero.
c. prices are neither increasing nor decreasing.
d. aggregate supply be larger than aggregate demand.
A
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Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014? A) -0.02 B) -0.19 C) -1.01 D) -2.26
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. Bidders do not know the estimates of the others d. The true value of the item differs across bidders
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Unlimited liability means
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