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Question
As a discipline, economics is best described by which of the following?
a. the study of how to control the effects of government actions
b. the study of how to control the preferences of consumers so that there will be enough resources to produce all the goods and services that consumers want
c. the study of how to use scarce resources to satisfy unlimited wants and needs
d. the study of how to dispose of excess goods and services that nobody wants
e. the study of how to maximize profits for firms
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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e. completely responsive to a change in price.
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
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Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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b. Prices in the legal market in the community with a binding price ceiling will fall.
c. There will be shortages in the community with a binding price ceiling.
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Q:
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a. Demand for jelly will increase along with the price.
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Q:
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