Market Supply and Demand
What will be an ideal response?
D = Demand
S = Supply
P = Price
Q = Quantity
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The policy of attempting to obtain a specific low level of inflation over the long run is referred to as:
A) inflation targeting. B) the seigniorage policy. C) the minimal inflation policy. D) price control.
The slope of the labor demand curve can be attributed to the Law of:
A) Increasing Opportunity Cost. B) Diminishing Marginal Productivity of Labor. C) Increasing Marginal Productivity of Labor. D) Decreasing Opportunity Cost.
When social costs of an activity exceed private costs
A) there is a tendency for resources to be under-utilized. B) this means that resources are being efficiently used. C) there is a tendency for resources to be over-utilized. D) None of the above is correct.
Normative economic statements refer to what should be
a. True b. False