In short-run equilibrium in a perfectly competitive market,
a. the price varies along the market supply curve
b. each consumer can buy whatever quantity he wishes to buy at the market price
c. the price varies along the market demand curve
d. the market demand curve is horizontal
e. the market demand curve is vertical
B
Economics
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A restaurant purchases a package of sandwich buns for 50 cents. The buns are ________ good in this case, and thus its purchase ________ a transaction that is included in GDP
A) a final, is B) a final, is not C) an intermediate, is D) an intermediate, is not
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In a market-based economy, the government:
A. allocates production. B. decides how much to produce. C. encourages insurance risk. D. enforces property rights.
Economics