Answer the following questions true (T) or false (F)
1. As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will fall.
2. If the population increases and input prices increase, the equilibrium price of a product will definitely increase.
3. If the number of firms producing electric cars increases and consumer preference for electric cars increases, the equilibrium quantity of electric cars will definitely increase.
1. FALSE
2. TRUE
3. TRUE
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Providing unemployment insurance is one way a government can
A) create public-works programs. B) break up monopolies. C) enforce rules of exchange. D) reduce economic uncertainty.
In the economic way of thinking, private property rights provide people with
A) rules of the game. B) dependable information. C) incentives. D) none of the above. E) all of the above.