Who said, "We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper" as whether price is set by demand or supply?

A. Thomas Carlyle
B. Alfred Marshall
C. Adam Smith
D. Edward Scissorhands

B. Alfred Marshall

Economics

You might also like to view...

Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D2 and S2 (point E). Which of the following changes would cause the equilibrium to change to point A?

A) a positive change in the technology used to produce apples and decrease in the price of oranges, a substitute for apples B) an increase in the wages of apple workers and a decrease in the price of oranges, a substitute for apples C) an increase in the number of apple producers and a decrease in the number of apple trees as a result of disease D) a decrease in the wages of apple workers and an increase in the price of oranges, a substitute for apples

Economics

Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C)

If the price of motorcycle side cars (a complement to motorcycles) decreases, and the wages of motorcycle workers increase, how will the equilibrium point change? A) The equilibrium point will move from C to E. B) The equilibrium point will move from C to B. C) The equilibrium will first move from C to A, then return to C. D) The equilibrium point will move from C to A.

Economics