Demand and supply shifts will cause a price to change, but a change in the price of only a good affects quantity demanded and quantity supplied, never demand and supply itself

The concept of "the invisible hand" suggests that markets

A) do not produce the efficient quantity. B) are always fair. C) produce the efficient quantity. D) are unfair. E) allocate resources unfairly and inefficiently.

Empirical support for the Heckscher-Ohlin model was weakest when the study applied

A) all of the assumptions of the model. B) all of the assumptions of the model except that regarding technology. C) all of the assumptions of the model except those regarding technology, goods and shipping costs. D) all of the assumptions of the model except those regarding technology, shipping costs and gravity. E) all of the assumptions of the model except those regarding shipping costs.