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Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?
a. the economy is efficient in consumption, production and output levels
b. the economy is not efficient in consumption, production and output levels
c. the quota prevents the market price from acting as an economic signal
d. Price will act as an economic signal, drawing in more archery instructors.
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Suppose the price elasticity of demand for used cars is estimated to be 3 what does this mean?
Furthermore it can be seen that there are interesting relationships between the remaining variables. Firstly, at the 95% significance level it can be seen that interest rates Grang
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y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”
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