Market prices are
a. conveyors of information.
b. determined by the interactions of supply and demand in voluntary exchange.
c. indicators of the relative scarcity of resources and products.
d. all of the above.
D
Economics
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As prices change, the elasticity of supply describes the movement
A) of a shift in the supply curve. B) of the equilibrium price. C) along the supply curve. D) from a necessity to a luxury good.
Economics
Which of the following is a non-price determinant of demand?
A. prices of related goods and services B. tastes and preferences C. income D. All of these are correct.
Economics