The two words most often used by economists are
a. prices and quantities.
b. resources and allocation.
c. supply and demand.
d. efficiency and equity.
c
Economics
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If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly inelastic. d. unitary elastic.
Economics
In an industry characterized by a natural monopoly, which of the following characteristics will be observed?
a. The long-run average cost curve will be upward sloping. b. The market price of the product will be very low. c. Competition is both impossible and inefficient. d. Number of producers operating in this market will be low.
Economics