The rationing function of prices means that
A) government is responsible for setting the prices of basic foods.
B) all goods and services are produced by large firms.
C) businesses determine what goods consumers should purchase.
D) buyers and sellers synchronize their decisions through the price system.
Answer: D
Economics
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Refer to Table 2-18. What is Mickey's opportunity cost of making an umbrella?
A) 1/5 of a hat B) 5 hats C) 10 hats D) 50 hats
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If there is a decrease in demand a. firms would be willing to supply less of the good than before at each possible price. b. buyers are willing to purchase less of the good than before at each possible price. c. buyer's taste for the good has increased
d. the price of the product has increased, causing consumers to buy less of the product.
Economics