Equilibrium tells us nothing about satisfaction or the general state of the economy
Indicate whether the statement is true or false
T
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What is rule of reason?
What will be an ideal response?
In the United States, real interest rates were
a. high in the 1970s and 1990s. b. low in the 1970s and 1990s. c. high in the 1970s and low in the 1990s. d. low in the 1970s and high in the 1990s.
The simple majority decision rule may generate results that are
A) efficient, because the projects undertaken are the ones desired by more than 50 percent of the people. B) efficient, because projects are undertaken only if total benefits exceed total costs. C) efficient, because the intensity of individuals' preferences are considered. D) inefficient when the total benefits of projects undertaken are less than the total costs. E) inefficient when the intensity of individuals' preferences are considered.
Refer to the above graphs. A price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units. Which graph best illustrates the price elasticity of demand for this good?
A. Graph A
B. Graph B
C. Graph C
D. Graph D