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In a free market, the price system determines how society's output will be distributed by:
A. ensuring that low income people can buy all of the necessities for living.
B. providing goods for those willing and able to pay the equilibrium price.
C. ensuring that each commodity is produced by the most efficient technique.
D. allowing all those who desire a commodity to buy it.
If two goods are substitutes for each other, an increase in the price of one will necessarily:
A. decrease the demand for the other
B. increase the demand for the other
C. decrease the quantity demanded of the other
D. increase the quantity demanded of the other
What is the value of the economic's MPC. Data applies to an economy with only two sectors-households and firms no government or export.
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Elasticity: The New York Times reported (Feb. 17, 1996) that subway ridership declined after a fare increase: “There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, ..
Your employer has anticipated needing $60,000 in 2.5 years to finance the purchase of new machine. If they aniticipate making a single lump sum investment today into a savings account that will return 12% interest compounded continuously, how much mo..
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