It is generally agreed that a major advantage of the competitive price system is the achievement of greater efficiency.
Answer the following statement true (T) or false (F)
True
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How are rule-based policies similar to adaptive expectations?
What will be an ideal response?
The price elasticity of demand for bread
a. is computed as the percentage change in quantity demanded of bread divided by the percentage change in price of bread. b. depends, in part, on the availability of close substitutes for bread. c. reflects the many economic, social, and psychological forces that influence consumers' tastes for bread. d. All of the above are correct.
The addition of new resources often enables a nation to
a. produce more goods and services b. produce less goods and services c. produce more goods but fewer services d. invade other nations and steal their resources
The demand for any factor of production in a competitive industry depends on
A. its productivity and the productivity of all other inputs. B. the amount of the factor that is used and the amounts of all the other factors that are used. C. its productivity and upon the value of its output in the marketplace. D. the productivity of all the other inputs and how these inputs are valued in the marketplace.