Which of the following statements about a price system is TRUE?I.Prices ration goods and services.II.Prices indicate relative scarcity.

If E$/£ moves from 2 to 3, this is a percentage change of:

a. 50%. b. 33.3%. c. -33.3%. d. -50%.

The industrial organization economics perspective locates the source of advantage at the

a. Individual firm level b. Industry level c. Both a and b d. None of the above