Which of the Following Is a Contribution of Economist Vernon

question 239

Multiple Choice

Which of the following is a contribution of economist Vernon Smith?

• A) the idea of movements along the supply and demand curves
• B) the discovery of equilibrium price
• C) experimental evidence of equilibrium price
• D) the theory of demand shocks

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Definitions:

Selling Price

The amount a buyer pays to purchase a product or service.

Automotive Wrecking Yard

A business specializing in dismantling wrecked or decommissioned vehicles for the purpose of selling their parts.

Chain Hoist

A device used for lifting heavy loads by means of a chain, operated manually or electrically.

Markup Percent

The ratio by which the cost of a product is increased to arrive at its selling price, expressed as a percentage of the cost.