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A market can accurately be described as
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
The equilibrium price clears the market; it is the price at which ________ _________
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
Price ceilings are imposed increase price above the free market equilibrium price
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
In a free market __________ ___________
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
Normative economics forms ___________ based on _____________
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
Economics is the study of
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
Positive economics studies objective explanations of the workings of the economy
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
A resource is scarce if supply exceeds demand at zero price
All of the above
FALSE
Quantity demanded equals quantity supplied
TRUE
opinions, personal values
prices adjust to reconcile scarcity and desires
how society decides what, how, and for whom to produce
the process by which prices adjust to reconcile the allocation of resources
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