When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied

What makes the Lewis model a "development" model rather than a "growth" model? What insights on development can be derived from the model?

What will be an ideal response?

The Federal Reserve district banks

A) do not engage in monetary policy. B) engage in monetary policy directly through discount lending. C) engage in monetary policy directly through open market operations. D) engage in monetary policy directly through their membership on Federal Reserve committees.