When a market is in disequilibrium consumers and producers change their behavior. As a result the market reaches equilibrium
Indicate whether the statement is true or false
True . For example, when a shortage exists at a given price, consumers bid up the price and firms increase production until the equilibrium is reached.
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Is there a positive or negative relationship between real wages and output in the classical model? Explain
What will be an ideal response?
Individuals who are more risk averse
a. buy less insurance b. buy more insurance c. are not more or less inclined to buy insurance d. are philosophically opposed to insurance
Providing information to internal users' decision making is the purpose of which of the following?
a. Management Reports b. Tax forms c. Financial statements d. Vendor list
A monopsony is characterized as a market which has:
A. many buyers and one seller. B. many buyers and many sellers. C. one buyer and one seller. D. one buyer and many sellers.