ECO431
Question: Individual economic units can be divided into two according to their function. What are they?
Answer: Buyers and sellers
Question: There are three main arguments proffered in support of the price system as a means of resource allocation. Which of the following is not one of them?
Answer: Its inability to achieve optimality in the allocation of societal resources
Question: What important question is asked in normative analysis?
Answer: What is best
Question: As the sellers push for the highest possible price and buyers lobby for the lowest; the resulting conflict between the basic sides of the market is resolved by what?
Answer: competition
Question: What does the interaction between buyers and sellers result in the market?
Answer: equilibrium
Question: The twin forces of competition and self-interest What make the market to operate effectively?
Answer: The twin forces of competition and self-interest
Question: What is the supply side of the market?
Answer: An industry
Question: Given a simple linear Demand and Supply function as Qd= 8 䀓 0.5p and Qs= -6 + 1.5p, calculate the equilibrium price
Answer: P=7
Question: Given a simple linear Demand and Supply function as Qd= 8 – 0.5p and Qs= -6 + 1.5p, calculate the equilibrium quantity
Answer: Qe=4.5
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