Which of the following suggests that the "laws" of supply and demand are being disobeyed?
a. outside forces disturbing an equilibrium
b. persistent shortages or surpluses
c. the market never moving from an equilibrium
d. "other things" not always being equal
b
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According to the life-cycle hypothesis, if the average person expects to live another 48 years, the short-run MPC out of unexpected changes in income is
A) 0.52. B) 0.48. C) 0.9792. D) 0.0208.
Special interest groups are not always perceived to add a positive to society. Discuss why this is so.
What will be an ideal response?
What does the Consumer Price Index (CPI) measure?
A. prices of durable goods B. prices of nondurable goods C. the cost of living over time D. the cost of replacing lost items
It is common in most towns that major department stores are located next to each other. Provide an intuitive explanation of this common finding.
What will be an ideal response?