The pre-Keynesian or classical economic theory predicted that in the long-run the economy would experience:
a. long periods of high unemployment.
b. rising rates of inflation.
c. only temporary periods of high unemployment.
d. idle factors of production.
c
Economics
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The law of supply states that other things being equal
A) supply creates its own demand. B) supply will increase if productivity increases. C) as price increases, quantity supplied increases. D) supply will increase to meet demand if demand increases.
Economics
In a perfectly competitive market, the number of sellers must be large enough that
a. none of them ever earns positive economic profits. b. none of them can significantly alter the price of the product. c. they each end up selling a slightly different product. d. it is easy for a particular firm to leave the market.
Economics