When used in a professional or technical sense, the law of supply and demand refers to
a. some vague influences on economic affairs.
b. the fact that prices go up when commodities are scarce.
c. the market forces that show how prices and quantities are determined.
d. the controls that regulate the amount of scarce goods that each consumer can purchase.
c
Economics
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Economists refer to a holdout as someone who refuses to produce a pure public good with private funds
Indicate whether the statement is true or false
Economics
The World Bank's view of the effectiveness of industrial policies in East Asia is that, in general, they
A) hindered growth. B) had little or no effect on growth. C) encouraged growth. D) are the main factor in the success of the East Asian economies.
Economics