Which of these describes the fundamental conflict of economics?
a. the need for government control and the desire for an unregulated market
b. the management of limited resources to satisfy unlimited wants
c. the competition of different sellers in the marketplace
d. the balance of supply and demand

Which statement describes a monopoly? many firms produce identical products with no control over the market price. many firms produce differentiated products with control over market price. a single firm produces a product with no close substitutes and control over the market price. a single firm produces a product with many close substitutes and limited control over the market price.

Post test question number 9 for entering the job market

Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise