Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as

Robert Nozick asserts that fairness and efficiency result if

A) there are price ceilings in the market. B) there are external benefits and external costs in the market. C) voluntary exchange occurs. D) public goods are provided by government.

In the markets for the factors of production in the circular-flow diagram, households are buyers and firms are sellers

a. True b. False Indicate whether the statement is true or false