In a market economy a significant change in consumers' desire for product X will:
A. alter the profits or losses received by suppliers of product X.
B. cause a reallocation of scarce resources.
C. cause some industries to expand and others to contract.
D. do all of these.
Answer: D
Economics
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If nominal GDP is $8 trillion, and the money supply is $2 trillion, velocity is
A) 0.25. B) 4. C) 8. D) 16.
Economics
Refer to the data. The four-firm concentration ratio for the industry is:
A. 100 percent.
B. indeterminate since we don't know which four firms are included.
C. 80 percent.
D. 20 percent.
Economics