If price is a signal in a market economy, what signal does it send to producers when the price of oil goes up?
A) suppliers should produce more gasoline.
B) buyers should purchase even more gasoline.
C) government should decrease taxes on gasoline.
D) government should place price controls on the market for gasoline.
E) suppliers should produce less gasoline.
Correct Answer:
Verified
Q2: A market is in equilibrium when:
A)there is
Q3: Imperfect competition is defined by:
A)unethical business practices.
B)only
Q4: Who is in charge of a market
Q5: In a market system, the what decision
Q6: The principle of the "invisible hand" claims
Q7: A society which forgoes present consumption:
A)is forced
Q8: "Distribution" in economics refers to:
A)retailing, wholesaling, and
Q9: In a perfectly competitive market economy the
Q10: Primary factors of production are:
A)labor, land, and
Q11: Which of the following statements is true
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