All of the following apply to the description of a market in equilibrium except
a. quantity supplied equals quantity demanded
b. the intersection of the supply and demand curves
c. no excess supply exists
d. no excess demand exists
e. the price of the good is falling
E
Economics
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Statements that make value judgments are:
A) pecuniary. B) positive. C) nominal. D) normative.
Economics
In the RBC model, an adverse supply shock causes the decrease in natural real GDP to be maximized when the labor supply curve is
A) relatively steep. B) relatively flat. C) vertical. D) horizontal.
Economics