An effective policy of governmental intervention in the economy requires all of the following except one. Which is the exception?
a. The will to reject sound policy if it gets in the way of political considerations
b. The ability to estimate the economy's potential level of output
c. The ability to predict what would happen without intervention
d. An assortment of effective tools of discretionary policy
e. The ability to achieve effective cooperation between fiscal and monetary policy makers
a
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There are never shortages or surpluses when the price in a market is equal to the equilibrium price for the market.
Answer the following statement true (T) or false (F)
In a perfectly competitive market, all of the following are true EXCEPT:
A. firms take prices as given. B. firms produce the quantity for which marginal cost equals price. C. firms can increase profits by charging a price higher than the market price. D. buyers take prices as given.