For private goods allocated in markets,
a. prices guide the decisions of buyers and sellers and these decisions lead to an efficient allocation of resources.
b. prices guide the decisions of buyers and sellers and these decisions lead to an inefficient allocation of resources.
c. the government guides the decisions of buyers and sellers and these decisions lead to an efficient allocation of resources.
d. the government guides the decisions of buyers and sellers and these decisions lead to an inefficient allocation of resources.
a
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A decrease in aggregate demand, all other things unchanged, will generate _______ in potential output and _______ in the price level.
A. an increase; no change B. a decrease; no change C. no change; an increase D. no change; a decrease
Nonactivists of policies contend that a policy of shifting the aggregate ________ curve will be costly because it produces ________ volatility in both the price level and output
A) supply; less B) supply; more C) demand; less D) demand; more