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Question
Signals
a. have no importance in economics.
b. convey information about the profitability of various markets.
c. are only a characteristic of competitive markets.
d. lead to less competition in markets.
e. result in less information in a market.
Answer
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Related questions
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b. relatively unresponsive 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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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.
d. A shortage will continue to exist and will grow smaller over time.
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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?
a. Prices in the legal market in the community with a binding price ceiling will rise.
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