If the price system is allowed to function without interference and a surplus occurs, quantity demanded will _____________ and quantity supplied will _____________ until the price falls to its equilibrium.
A. rise; rise
B. fall; fall
C. rise; fall
D. fall; rise
C. rise; fall
Economics
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Explain why wage and salary income differs among individuals
What will be an ideal response?
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Because of market power, wages are higher under monopsony than under competitive conditions
Indicate whether the statement is true or false
Economics
Most economic models
a. incorporate the assumption of rational behavior on the part of economic actors. b. incorporate the notion that people are usually reluctant to change their minds. c. are meant to precisely duplicate reality. d. assume that people often make sub-optimal choices.
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Answer the following statement true (T) or false (F)
Economics