Which of the following is a problem with the price system that can lead to a breakdown in the coordination of economic activity?
A) Prices can be slow to adjust.
B) The price system works silently in the background.
C) Prices may be flexible.
D) all of the above
A
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The income effect refers to the impact of a change in
a. income on the price of a good b. the general price level caused by a change in the price of another good c. the price of a good on real income d. the price of a substitute for the good under consideration e. demand when income changes
In the Microsoft antitrust case, the federal government said in essence that:
A. the mere presence of monopoly violated the Sherman Act, irrespective of Microsoft's behavior. B. Microsoft was a "bad monopoly." C. Microsoft was generally a "good monopoly" but that its tying contracts involving Internet Explorer violated the Clayton Act. D. the case was similar to the U.S. Steel case of 1920.