The Solow model is ________

A) the basic model of how technology changes over time
B) the foundation for the classical economic thought of Adam Smith
C) one of the dominant explanations of the business cycle
D) based on the notion of diminishing marginal product of capital and labor

D

Economics

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In the market for cotton, suppose the equilibrium price is $10 per ton and the equilibrium quantity is 100 tons. If the government then imposes a price support of $5 per ton,

A) a deadweight loss is created. B) the market becomes more efficient. C) consumer surplus increases. D) producers' economic profits increase. E) None of the above answers is correct.

Economics

Suppose that goods A and B are close substitutes. If the price of good A falls, then we would expect an

What will be an ideal response?

Economics