The market pricing system corrects an excess supply by
a. raising the product price and increasing producer profits.
b. lowering the product price and decreasing producer profits.
c. raising the product price and decreasing producer profits.
d. lowering the product price and increasing producer profits.
B
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Which barrier to entry is an exclusive right granted to the author or composer of a literary, musical, dramatic or artistic work?
A) patent B) copyright C) public franchise D) government license E) natural barrier
The Keynesian consumption function and the theory of intertemporal choice are consistent for households ________
A) with a binding budget constraint B) with little or no initial wealth C) whose consumption remains positive, even if income is zero D) whose consumption cannot exceed current income